New Yorkers love to complain about traffic. This past week, the conversation got pretty heated with the scrapping on congestion pricing for the city.
The indefinite delay in New York City's congestion pricing plan announced by New York State Governor Kathy Hochul this past week reveals dueling visions about the future of the city's economy.
But that may have been unlikely. Fully remote job listings are in decline, and executives are setting stricter mandates for office attendance in 2024. But the return of five-day-a-week in-person work may not be coming — with or without the congestion pricing. Kathryn S. Wylde, president and CEO of the Partnership for New York City, a nonprofit organization representing city business leaders, noted on CNBC'safter the decision that about 3% of commuters into the city drive cars, and they tend to be"higher paid people or government employees." In effect, she said, the congestion toll would reduce"discretionary" driving.
Every driver to New York City loses though, in the actual experience on the road. The MTA has found that since 2010, average car travel speeds have decreased by 23%, to 7.1 miles per hour. Smaller streets — a function of growing bike lanes, bus lanes and increased space for outdoor dining post-pandemic — are a factor in workers spending more time waiting in traffic.The battle over congestion pricing in New York City has a much longer history than you may think.
The ideas for where that money may come from in the future range far across the state, including to the governor's hometown of Buffalo. Rep. Gottheimer said in a"Squawk Box" interview,"there's $600 million that the Buffalo Bills are going to get for a new stadium, the owners there ... Don't give it to them to build a new stadium."
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