I'm sorry, but I find the whole notion of "raise fares until ridership drops" to be absolutely absurd. That's class warfare/income inequality at its finest. Transit isn't just for the elite with buckets of money to blow on getting to work.
No. Letting price rise (particularly at "office worker" rush hours) is about
(1) allocation of a scarce resource
(2) funding expanded supply of that resource
Users who rely most heavily on the resource actually win the most when its supply is rationalized.
Letting the price of bread rise was key for actually getting bread to post-communist peasants. Price is way better than a ration coupon.
Sorry, no, it is not a class warfare thing, any more than congestion pricing, or variable tolls or a downtown congestion charge would be on the roads.
Allowing price to rise to a market clearing price is basic micro economics, and you know when supply and demand are at equilibrium when you can't raise price without lowering revenues (because you scare off people faster than that you bring dollars in).
However, continuing to charge everyone the highest rate that the poorest rider can afford doesn't make economic sense
You don't know what they can afford, all we know is that people say (with their mouths) they can't afford hikes, while, at the same time with their butts they pay and ride in ever greater numbers--the tipoff that they can afford more.
Frankly, fare hikes scare off the rich (who have alternatives, usually a car) faster than it scare off the poor (who don't...and who would move on less-crowded more reliable vehicles...they win).
Price is not about socking it to the poor, it is about (1) allocating a scarce resource (space on rush hour trains) and (2) funding better/faster/easier/expanded service on those very vehicles
True, for progressives, a rush hour surcharge would be particularly welcome (you're taking richer "office" workers), and you could offset it with a free/reduced hour (say, the first hour of service every day and "post rush" in the evenings)
We should raise fees on
any over-subscribed public good (Boston resident parking, MBTA, congested roads, etc.) and re-invest in either capacity or alternatives