The Metropolitan Transportation Authority has wiped $376 million from its farebox revenue forecast over the next four years because of declining ridership on New York City’s subway and buses, the Wall Street Journal reports.
Even with expected fare and toll increases of 4% in 2019 and again in 2021, MTA Chief Financial Officer Robert Foran predicts steep operating deficits beginning in 2020 unless the authority substantially cuts costs and finds new, sustainable sources of revenue.
The Journal reports that one new revenue stream will kick in soon. The MTA expects to receive $435 million in 2019 from a new congestion charge on taxis and for-hire vehicles entering the busiest parts of Manhattan, Mr. Foran said. The charge goes into effect in January.