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

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