New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Hochul Revives Congestion Pricing for NYC; January 2025 Start Projected
New York City’s congestion pricing program, the first in the U.S. but paused indefinitely ahead of a scheduled June 30 start date, will now take effect by early January 2025, Gov. Kathy Hochul said Thursday. The governor’s plan features a 40% reduction in all tolls for vehicles entering Manhattan below 60th Street and also includes new tools to reduce congestion and air pollution in communities citywide, with a view toward achieving the goals of congestion pricing, including $15 billion in mass transit funding to support the Metropolitan Transprotation Authority’s current Capital Program.
Although the toll structure under this plan is lower than the tolls initially proposed, it will still enable the MTA to leverage $15 billion in bonds for the MTA’s current Capital Program over time, Hochul’s office said. Additionally, Hochul committed to funding the proposed 2025-2029 MTA Capital Plan that was approved by the MTA board in September.
The plan has garnered support from a broad coalition of stakeholders including the Regional Plan Association, League of Conservation Voters, Natural Resources Defense Council, Partnership for New York City and the Real Estate Board of New York
Pictured, from left: MTA chair and CEO Janno Lieber, Gov. Kathy Hochul.
- ◦Policy/Gov't
