MTA Says No Fare Increases In 2021 For Trains, Buses, Subways

NEW YORK — Thanks to federal aid and unanticipated higher fare revenue, the Metropolitan Transportation Authority said it expects to have financial stability through the first half of 2024.

Additionally, the agency said there will be no fare increases during 2021, while trying to regain ridership.

The MTA announced this week that it expects to receive $10.5 billion in federal funding from December's Coronavirus Response and Relief Supplemental Appropriations Act and the American Rescue Plan Act which was passed in March.

As a result, the authority will not have to take immediate action on cost-cutting measures such as freezing wages and cutting back on services.

The MTA said farebox revenues have improved beyond the worst-case scenario forecast in February.

MTA Chairman and CEO Patrick Foye said that thanks to the infusion of federal money the MTA's finances are on much better footing.

He said it because of congressional leadership and the bipartisan New York delegation "mass transit was not forgotten in the nation's recovery."

The decision to not implement a proposed 4 percent fare increase was taking into account the aftereffects of the pandemic.

Foye told The New York Times that the MTA's board took into consideration the inequity of raising fares while essential workers are keeping the system going while many office workers are still working from home.