Economic news

New York City drivers could face up to $23 a day congestion charge

2022.08.10 22:29

2/2
New York City drivers could face up to $23 a day congestion charge
FILE PHOTO: Traffic is seen at the Lincoln Tunnel ahead of the July 4th holiday, in New York City, New York, U.S., July 2, 2021. REUTERS/Eduardo Munoz/File Photo

2/2

By David Shepardson

(Reuters) – New York City could introduce a traffic congestion charge of up to $23 a day late next year, which a study released on Wednesday projected would reduce the number of cars entering Manhattan by 15% to 20%.

The city wants to charge a daily variable toll for vehicles entering or remaining within the central business district, defined as between 60th Street in midtown Manhattan and Battery Park on Manhattan’s southern tip.

New York, which has the most congested U.S. traffic, would become the first major U.S. city to follow London, which began a similar charge in 2003.

New York lawmakers approved the plan in 2019, and it was originally projected to start in 2021. But the federal government under President Donald Trump did not take any action.

The Federal Highway Administration (FHWA), which must approve the move, said on Wednesday it approved the required environmental assessment. The agency will review public comments submitted by Sept. 9.

It did not give a timeline for its decision, but the Metropolitan Transportation Authority (MTA) said the fee could come into effect up to 10 months after approval is granted. That period would be for system design and implementation.

“Congestion pricing is good for the environment, good for public transit and good for New York and the region,” MTA CEO Janno Lieber said.

Passenger vehicle drivers could pay $9 to $23 to enter at peak times, while overnight tolls could be as little as $5. Drivers could apply existing bridge and tunnel tolls to congestion charges.

The environmental assessment released Wednesday found the charge would cut traffic, improve air quality, make buses more reliable and increase transit use by 1-2%. The toll would generate $1-$1.5 billion a year and support $15 billion in debt financing for mass transit improvement.

Riders Alliance, a transit advocacy group, endorsed the move and said congestion pricing “cannot happen soon enough.”

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 82,759.17 0.23%
ethereum
Ethereum (ETH) $ 1,868.79 1.25%
tether
Tether (USDT) $ 1.00 0.02%
xrp
XRP (XRP) $ 2.23 0.90%
bnb
BNB (BNB) $ 577.93 3.76%
solana
Solana (SOL) $ 124.33 0.08%
usd-coin
USDC (USDC) $ 1.00 0.01%
cardano
Cardano (ADA) $ 0.714089 3.38%
dogecoin
Dogecoin (DOGE) $ 0.169477 1.75%
tron
TRON (TRX) $ 0.223387 0.47%
staked-ether
Lido Staked Ether (STETH) $ 1,866.61 1.60%
pi-network
Pi Network (PI) $ 1.71 1.44%
lombard-staked-btc
Lombard Staked BTC (LBTC) $ 82,789.18 0.45%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 82,662.15 0.69%
leo-token
LEO Token (LEO) $ 9.67 2.35%
chainlink
Chainlink (LINK) $ 13.09 0.35%
usds
USDS (USDS) $ 1.00 0.01%
hedera-hashgraph
Hedera (HBAR) $ 0.194299 3.62%
stellar
Stellar (XLM) $ 0.264866 3.58%
avalanche-2
Avalanche (AVAX) $ 18.79 6.23%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,233.61 1.71%
shiba-inu
Shiba Inu (SHIB) $ 0.000012 0.67%
sui
Sui (SUI) $ 2.23 1.48%
litecoin
Litecoin (LTC) $ 88.88 0.70%
the-open-network
Toncoin (TON) $ 2.71 1.42%
bitcoin-cash
Bitcoin Cash (BCH) $ 334.53 0.34%
mantra-dao
MANTRA (OM) $ 6.43 2.28%
polkadot
Polkadot (DOT) $ 3.94 1.71%
ethena-usde
Ethena USDe (USDE) $ 0.999735 0.00%
weth
WETH (WETH) $ 1,872.72 1.90%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.999557 0.05%
bitget-token
Bitget Token (BGB) $ 4.17 0.34%
hyperliquid
Hyperliquid (HYPE) $ 12.53 9.01%
whitebit
WhiteBIT Coin (WBT) $ 28.45 1.37%
monero
Monero (XMR) $ 208.58 0.39%
wrapped-eeth
Wrapped eETH (WEETH) $ 1,984.56 2.36%
uniswap
Uniswap (UNI) $ 5.82 3.02%
susds
sUSDS (SUSDS) $ 1.04 0.13%
dai
Dai (DAI) $ 0.999774 0.02%
aptos
Aptos (APT) $ 5.10 1.76%
near
NEAR Protocol (NEAR) $ 2.55 3.54%
pepe
Pepe (PEPE) $ 0.000007 11.76%
ethereum-classic
Ethereum Classic (ETC) $ 17.61 0.18%
ondo-finance
Ondo (ONDO) $ 0.845108 0.02%
internet-computer
Internet Computer (ICP) $ 5.45 1.23%
aave
Aave (AAVE) $ 171.08 2.37%
mantle
Mantle (MNT) $ 0.750243 1.78%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 82,741.17 0.39%
okb
OKB (OKB) $ 41.67 1.56%
gatechain-token
Gate (GT) $ 20.18 1.97%