Kevin Willens, the authority’s chief financial officer, emphasized in an interview that no decision had been made about raising fares. Any fare changes would be preceded by public hearings and a board vote. If the authority board approves such a move, the current $2.75 base fare could rise to $2.90 by next year and to $3.02 in 2025. Ridership has yet to return to its prepandemic levels, and the Metropolitan Transportation Authority, the state agency that runs the city’s subway and buses, has said it could face a budget gap of nearly $3 billion by 2025.Īs authority officials draft a financial plan for the next four years, they have presented fare increases as one option for helping to offset the loss of riders. The price of a New York City subway ride could rise to just over $3 in less than three years as transit leaders consider raising fares for the first time since before the pandemic began, presenting a potential hardship for those who rely most heavily on the depleted system.
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