January 25, 2024 | njspotlightnews.org
Credit: NJ Spotlight News
New Jersey Transit is planning to hike bus and rail fares by 15% starting this July to help close a projected budget deficit of more than $100 million, agency officials announced Wednesday.
The proposed fare hike would be the first enacted in nearly a decade by the statewide bus and rail agency, which has taken a significant financial hit in recent years as ridership has yet to rebound to pre-COVID-19 pandemic levels.
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NJ SEED: A 15% fare hike is just the beginning. The proposed plan would build in 3% annual increases going forward. 3% annually (nearly 10% in just 3 years) may not produce sufficient revenues if ridership fails to reach or exceed pre pandemic levels.