Metropolitan Transportation Authority CFO Kevin Willens said New York City subway fares may have to increase by 5.5% next year to $2.90 from $2.75 now and then another 5.5% in 2024 to $3.05, according to reports. At a monthly board meeting on Wednesday, Willens said the largest mass transit system in the U.S. could see a $3 billion budget deficit by 2025. The MTA will have to raise fares if it does not get additional funds from New York State, New York City or the federal government. The MTA had already planned to hike fares by 4% a year, but Gov. Kathy Hochul delayed the price increases during the COVID-19 pandemic. Fares have not increased since 2019. The MTA typically approves rate hikes at its February monthly meeting.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
0
0