The New York City Subways were largely built by private enterprise and had private owners. Rides were $0.05. The private owners of the various systems couldn’t keep offering service for that low a price and were discussing raising the fares.
The city took over the multiple private systems in 1940. The stated reason was in order to save the nickel fare. They did, for seven whole years. They then doubled it to $0.10. The current fare is $2.75 a ride, an inflation of 5,500% from the takeover date of 1940. Annualized over the 79 years that’s 5.2%. Average inflation has been 3.72% over that period of time.
Mayor Bill DeBlasio just proposed looking into taking over the regional electric company, ConEd which serves the city and Westchester County. His stated reason is to reduce the number of service failures.
Note: as I wrote in the comments, I asked for someone to check my math. The numbers were recalculated and the verbiage edited. I’ve never thought it was important but I’m not an economist. I’m also not an alumnus of the University of Chicago. I was invited on this blog many years ago as someone “at heart” and have been contributing ever since. The University of Chicago is not responsible for me and I’m not responsible for it.