Interesting news from Albany: MTA Executive Director Katherine Lapp told the legislature that the MTA doesn't want to increase fares again, saying, "What we're hoping is that the  fare increase will not be needed." There were fears of fare hikes in 2006 and 2007 even since the 2004 50-cent fare increase. The MTA may not have to raise fares if real estate tax revenues remains sweet, because the MTA does have big budget deficits: The MTA would need "$240 million in additional revenue would be needed in 2007 and again in 2009 to avert the proposed hikes." The Straphangers Campaign is happy, though they pointed out the MTA did have a $1 billion surplus last year. However, as with anything the MTA says or does, hold your breath.
Gothamist on the 50-cent fare increase and the more recent unlimited Metrocard fare hike.