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Monthly MetroCard Could Cost $168 In Ten Years, According to Study
By
Jen Chung
Published Jul 30, 2013
Modified Jul 30, 2013
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By
Jen Chung
Published Jul 30, 2013
Modified Jul 30, 2013
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Last week, the MTA announced there MIGHT be more subway and bus fare hikes in 2015 and 2017. Now the Straphangers Campaign and Independent Budget Office have forecast a crazy future where the fares would rise to $3.75 per ride and monthly MetroCards would be $168.
Here are some findings that the IBO projected, based on current trends: "Fares would increase 50 percent by 2023 if there are five biennial fare increases of 8.4 percent. For example, the current $2.50 base fare would reach $3.75 in 2023, the price of a seven-day unlimited pass would increase from $30 to $45, and the 30-day pass from $112 to $168," and "Because the projected fare increases exceed the expected rate of inflation, fares in 2023 would be about 15 percent higher than they are today when measured in constant 2013 dollars. The base fare in 2023 (in constant 2013 dollars) would be $2.87, the seven-day pass would be $34, and the 30-day pass $129."
The IBO got that 8.4% number by backing out the amount of revenue the MTA wants to raise annually ($500 million) and taking into account the resulting fall in ridership after a fare increase.
MTA spokesman Adam Lisberg told the Daily News that the higher fares floated last week are "purely hypothetical," adding, "It’s way too early to say what kind of fare hikes we’re going to be talking about in two years."
Tagged
bus
fare hike
inflation
metrocard
money
MTA
nyc transit
subway
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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