Does anyone really think Uber or Lyft will be less expensive than transit once the venture capitalists' subsidies to undercut (and undermine) the market run out

Does anyone really think Uber or Lyft will be less expensive than transit once the venture capitalists' subsidies to undercut (and undermine) the market run out? Heck, in NYC even the shortest, most subsidized Uber ride costs almost twice as much as a subway or bus ride. And given that most transit riders are towards the lower end of the income spectrum (even more so in other cities than in NYC), do you really think they're going to switch from $3 bus rides to $20-50 Uber rides? The danger I see is that the upper middle class stops using transit in favor of ride hailing services, and then starts to resent their taxes funding it, leading to funding cuts, service cuts, and fare hikes - badly damaging the less well off.