stangl

Fare raised from $1.15 to $1.25

• Date: January 1, 1992
• Took effect at midnight, handwritten signs announced day before
  • Passengers only allowed to buy 4 tokens at old fare to prevent hoarding
  • Created new physical token to prevent use of slugs (does this mean fakes?)
• Peter E. Stangl was MTA chairman at the time
• MTA required by state to produce a balanced budget
  • The board voted 12-to-2 to approve this budget even though it was technically not balanced
• Faced $263mil budget defecit, fare increase lowered this to $157mil
  • To fully close the gap, the increase would have needed to be to $1.40
  • Not sure how the $157mil ended up being found, need more sources
  • It was discussed to transfer $90mil from relatively healthy LIRR and MNR, which was contentious because of:
    • it would represent a suburban->urban transfer (which was opposed by Republication legislators)
    • and because of transfer of capital funds to operating funds
      • Senate Transportation Committee chairman Norman Levy claimed this, but MTA officials denied this
      • Levy argued this transfer would be similar to 1960s and 70s, when MTA several deferred maintenance on its infrastructure
• Subway and bus farebox recovery was 61% in 1991, commuter railroads was less than 50%
• Operating deficit was caused by a sharp downturn in the local economy
• Source: Sam Howe Verhovek, "G.O.P. Senator Opposes Using Rail Funds to Limit Subway Fare," The New York Times, December 5, 1991. link
• Source: "Token price rises 10 cents to $1.25 in New York City," The New York Times, January 1, 1992. link
• Tags: fare-increases mta stangl