The MTA transit authority, which operates the New York subway is warning of drastic service cuts, price increases and staff reductions. People are up in arms, but this is one area where even if these unfortunate measures were taken, New Yorkers would be better off than places which offer many more benefits in things like healthcare and public services.
For example, for the New York Subway to be like the London Underground:
Service cuts: The Subway runs 24 hours. The Underground shuts down around 1am replaced by a horrid fleet of scorchingly lit night buses full of kebab-eating binge drinkers. In addition, the Subway system is almost fully redundant with express and local lines, so the effects of cuts to service from non-overtime maintenance are much reduced.
Fares: The Subway costs $2 per ride. The Underground costs $5.60 per ride. It would take a mammoth increase to match that.
While its true that the overall level of disrepair in the Subway makes it look like a dilapidated open sewer in comparison with London, Paris, Moscow, Tokyo etc., it is efficient and relatively cheap, just not pretty to look at.