Politics & Government
MTA Fares Expected to Hike 35% by 2015
A new report from the state Comptroller's office shows that the MTA's scheduled toll and fare hikes are expected to rise faster than inflation.
MTA fares and tolls are expected to increase 35 percent by 2015, at a rate double that of inflation, according to the New York Post.
The new report, by state Comptroller Thomas DiNapoli, looks at the MTA’s fare increases in 2008, 2009 and 2011, and those scheduled for 2013 and 2015, along with the rate of inflation.
“Fare and toll hikes continue to outpace inflation, placing a burden on working men and women across the metropolitan region,” DiNapoli said, according to the Post.
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The 2008 fare increase matched the rate of inflation at around 3.9 percent, but the next year saw a 10 percent hike in fares and tolls, followed by a 7.5 percent price increase in 2011.
According to DiNapoli’s report, fares had risen 21.4 percent in four years, while inflation rose only 8.9 percent during the same time.
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On the bright side, the MTA does have plans to cut costs and save $213 million by 2016, according to the comptroller’s office.
MTA Chairman Joseph Lhota, upon reading through the report, called it “thoughtful and thorough.”
“[The report] recognizes the significant financial challenges the MTA faces in the near term, the aggressive steps we have taken to meet them, and our ongoing efforts to address longer-term challenges, including identifying funding sources for our 2015-2019 capital program,” Lhota told the paper.
