NYC’s congestion pricing pulls in $48.6 million in first month.
New York City’s new toll on motorists driving into Manhattan’s busiest areas raised $48.6 million in its first month, as President Donald Trump is seeking to end the congestion pricing program just weeks after it began.
The Metropolitan Transportation Authority, which manages the city’s transit network, began charging drivers on Jan. 5. The amount of toll revenue collected between that start date and Jan. 31 is in line with budgeted projections, Jai Patel, MTA’s deputy chief financial officer, said in an interview. The MTA anticipates the fee will bring in nearly $500 million a year, or about $40 million per month.
Taxis and for-hire vehicles account for about 20% of the revenue collected, with the remaining amount coming from passenger cars, trucks and other vehicles.
Congestion pricing charges most motorists $9 to drive into the area south of 60th Street. It’s the first such tolling program in the US and aims to reduce traffic and improve air quality.
So far, traffic has decreased. There were 2.6 million fewer vehicles south of 60th Street from the start of congestion pricing through Feb. 17, a 10% drop, leading to traffic moving faster along Manhattan streets.
Source: FINANCE.YAHOO
