With traffic choking its streets on a daily basis, New York City is set to announce a major toll initiative that could leave drivers fuming.
That after a green light this week from the White House, via the Federal Highway Administration, to issue a toll for drivers heading into lower Manhattan. The program, titled the Central Business District Tolling Program, will charge commuters for entering the New York borough below 60th Street.
DON'T MISS: This City is Overtaking New York, LA and London in Luxury
While toll prices haven’t been established by the city, program proposals peg charges anywhere between $9 and $23 for drivers using an EZ Pass transponder. Commuters who don’t use an EZ pass face higher tolls of between $14 and $35. The fees would only be charged once daily which should help ride share operators like Lyft (LYFT) and Uber (UBER) remain financially competitive in the city.
Overall, New York’s Metropolitan Transportation Authority is looking to take in approximately $1 billion annually from the new tolling program. Program funds would largely be used to shore up its aging bus and subway cars, according to New York Governor Kathy Hochul.
"This is a significant milestone, bringing us closer to a future where New Yorkers have cleaner air, better public transit, and less traffic clogging our streets," Governor Hochul noted in a May 12 statement on the imminent project. "This program is critical to New York City's long-term success, ensuring our commuters and businesses are able to grow and thrive."
The MTA is also seeking to curb the number of vehicles rolling into Manhattan, which has about 700,000 cars and trucks entering the city on a daily basis. The toll reportedly will cut vehicle numbers by 10%, once implemented, the MTA reported.
While the tolling program is the first of its kind in the US, a similar program is well underway in London, UK. There, the city’s Ultra Low Emissions Zone (ULEZ) has fueled a 30% cut in traffic congestion and a 6% decline in carbon emissions since its 2019 rollout.
No official date has been set for the New York City tolls to go into effect, but Hochul has indicated a 2024 launch date is likely.
