Subway and bus fares in New York could soon rise

The MTA, which operates New York’s transit system, is considering raising the cost of a single subway or bus ride from $2.75 to $2.90. A seven-day unlimited pass would cost $1 more at $34, according to the details presented to MTA board members Monday during a finance committee meeting.

Commuter train fares would increase by as much as 4.6%, with monthly passes costing no more than $500.

The rate increases would be the first since 2019 as the MTA has avoided increasing those rates during the pandemic. Without E-ZPass, the number of toll crossings would increase by up to 10% and with an E-ZPass by up to 7%.

“It’s something we don’t necessarily want to do, but it has to be done because that’s what organizations like ours do,” Neal Zuckerman, chair of the finance committee, said during the meeting about the expected fare and toll increases.

MTA expects the new fees to generate $305 million in additional revenue each year. It needs the extra money as ridership hasn’t reached pre-pandemic levels yet. Weekday subway ridership is about 70% of where it was in 2019. By the end of 2026, system-wide ridership could reach just 80% of pre-pandemic usage, the MTA estimates.

The MTA expects to hold public hearings on the fare increases in June, with the agency’s board potentially voting on the increases in July. Drivers and passengers could start paying the higher tolls and tariffs from the end of August, Jai Patel, MTA’s deputy chief financial officer, said during the meeting.

State lawmakers approved last month increase payroll taxes on the city’s largest corporations to raise $1.1 billion annually for the MTA and provide the agency with a one-time $300 million grant. This additional revenue, along with the fare and toll increases and $400 million in annual operating efficiencies, will help resolve the budget Gaps These are expected to grow to $3 billion by 2025.

Beginning in 2026, the Department of Transportation would also receive up to $700 million per year in gaming revenue from three potential casino developments in the state.

“This region is fortunate to have a transportation system like ours and we cannot allow it to collapse,” said Andrew Albert, an MTA board member, during the meeting. “We have to keep going. We need to improve the service.”