Better, but not good enough.
Lawmakers yesterday announced a deal for a 10 percent hike in bus and subway fares (rather than just 8 percent, as proposed earlier) that will fund ongoing upkeep of the system and vital upgrades.
The Senate may vote on some kind of MTA bailout as soon as today.
Finally, Albany seems headed in the right direction. But even a 10 percent hike could leave repairs and improvements unfunded in just two years or so.
After that, lawmakers figure, the economy may recover and spin off new cash.
Or not, and the system will just collapse — but hey, why worry about that?
Of course, there’s good reason to fret: Hiking fares now (and taxes and fees, as their plan would do) will make it harder to go back to the well for additional hikes later. Better to solve the problem once and for all — now.
Let’s face it: The city needs a permanent revenue stream that ensures full funding to keep the trains and buses rolling long into the future.
Whether the deal does the job remains to be seen.
Certainly, New Yorkers seem to understand the need.
Some 20 major unions and civic groups yesterday told lawmakers they were “distressed” at Albany’s failure to provide for “long-term capital needs.”
Official: $2.25 New Subway Fare
On Monday, Mayor Bloomberg rejected any plan that failed to ensure adequate system upkeep and expansion.
Even Assembly Speaker Sheldon Silver, famous for keeping his cards close to his vest, broke his silence and urged Albany to “address the [MTA’s] capital needs” — warning that lawmakers “not turn back to the ’70s, when the capital needs were ignored and the system deteriorated.”
Albany pols won’t get too many chances to solve this problem the right way. Let’s hope they’re not blowing it this time.