Hochul Plans to Revive NYC Congestion Pricing Plan With $9 Toll

Bloomberg11-14

(Bloomberg) -- New York Governor Kathy Hochul plans to revive congestion pricing for drivers entering large parts of Manhattan, months after abruptly pulling the plug on a $15 charge just before it ...

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The $9 toll could bring in revenue that the Metropolitan Transportation Authority, which runs the city’s transit network, would borrow against to modernize a more than 100-year-old system.“Governor Hochul paused congestion pricing because a daily $15 toll was too much for hard-working New Yorkers in this economic climate,” Avi Small, a spokesperson for the governor, said in a statement. “Tomorrow, the Governor will announce the path forward to fund mass transit, unclog our streets and improve public health by reducing air pollution.”Pausing congestion pricing opened up a $15 billion deficit in the MTA’s current capital plan and deferred signal upgrades, subway renovations, accessibility projects and purchasing 250 electric buses. The MTA’s next five-year $65.4 billion capital budget is also at risk as nearly half of it is unfunded. The transit provider is seeking to rehabilitate aging structures after years of neglect and improve service to attract more riders to its system of subways, buses and commuter rail lines.Hochul’s revised plan would initially slash the prior tolling structure by 40%, with E-ZPass motorists paying $9 rather than $15 to drive south of 60th Street during peak hours, according to the people familiar. To begin the program, Hochul needs the federal government to approve the revised tolling structure and to also sign a value pricing pilot program agreement with New York. It’s doubtful the incoming administration would make those authorizations after Trump said he would terminate congestion pricing in his first week back in the White House.If implemented, the toll would apply to motorists entering Manhattan’s central business district, which runs from 60th Street to the southern end of the island. New York City is the world’s most-congested urban area, according to INRIX Inc., a traffic-data analysis firm.The goal of congestion pricing is to reduce the number of the vehicles in the district by 17% and improve air quality. It may be difficult to hit those targets with a lower $9 toll because it may fail to persuade commuters and visitors to use public transportation rather than cars to get into Manhattan.(Updates story with details on approvals necessary to restart program in seventh paragraph.)©2024 Bloomberg L.P.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2483864213"}