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July 23, 2008
So Soon? Fares and Tolls Rise in M.T.A. Plan
The NY Times
By William Neuman
The Metropolitan Transportation Authority will propose a substantial increase in transit fares and bridge and tunnel tolls next year to help close a widening budget gap of nearly $900 million, according to an official at the authority.
Though the precise amount of the fare and toll increase has yet to be determined, the authority will seek to increase the revenue it gets from those sources by 8 percent. If approved by the authority’s board, the increase would take effect next July and would follow a toll and fare increase in March of this year.
In the more than 100-year history of the subway, the fare has gone up in consecutive years only once before, in 1980 and 1981.
NoLandGrab: Meanwhile, Bruce Ratner's bid for the Vanderbilt Railyards is still $114.5 million below the MTA's own appraisal and $50 million less than the bid submitted by Extell — go figure.
Posted by lumi at July 23, 2008 7:48 PM