NEW YORK — New York City transit officials have voted for sweeping fare hikes that will raise the cost of a subway ride by 25 percent and also approved drastic service cuts. By a 12-1 vote, the board of the Metropolitan Transportation Authority adopted the fare increases to help close a $1.2 billion gap. The plan will boost the cost of a single ride on New York City buses and subways from $2 to $2.50.