Fare hikes looming in city's transit budgetPosted: Updated:
The city's transit agency is mulling two fare hikes in the next four years as it struggles to complete capital projects and balance its budget.
The Metropolitan Transportation Authority presented its proposedbudget for 2012 Tuesday. As previously announced, the authority wants to increase fares by 7.5 percent in 2013 and plans to do so again in 2015. It also plans to deny unionized workers raises for three years.
At the same time, the authority also wants to borrow nearly $ 7 billion from the state and federal government. The money would gotoward capital projects, including the Second Avenuesubway line.