New York City is close to implementing a plan that would use license-plate readers to turn all of Manhattan south of Central Park into one giant toll zone, which would cost $15 (at least) to drive into Manhattan

New York City is close to implementing a plan that would use license-plate readers to turn all of Manhattan south of Central Park into one giant toll zone, which would cost $15 (at least) to drive into Manhattan, per FORTUNE.

New York City is on the verge of implementing a groundbreaking plan that would use license-plate readers to convert all of Manhattan below Central Park into a massive toll zone.

AD_SHOULD_BE_HERE

Under the proposed scheme, most private car drivers would pay a congestion fee starting at $15, or $22.50 for those not enrolled in a regional toll collection program. This fee would be in addition to the already substantial tolls for entering the city via certain river crossings, such as the $13.38 to $17.63 tolls for the Lincoln or Holland tunnels.

The aim of this pricing is to reduce traffic congestion, lower air pollution, and inject approximately $1 billion annually into the city's subway and bus systems, which serve about 4 million riders every day.

If the plan is approved, New York City would be the first city in the United States to adopt such a congestion pricing scheme, joining a small number of cities globally, including London, Stockholm, Milan, and Singapore, which pioneered the first such program in 1975.

AD_SHOULD_BE_HERE

However, the ambitious plan, slated for a summer rollout, still faces challenges and uncertainties about its efficacy.

Public school teachers are expected to request an exemption during a series of public hearings starting Thursday.

Local Manhattan businesses are concerned about the impact on the economy. Suburban commuters are angered by the prospect of even higher commuting costs.

AD_SHOULD_BE_HERE

For many civil servants, like public school teacher Paul Caminiti, who commutes from Staten Island, the fee poses a significant financial burden. Caminiti faces either paying an additional $2,700 per year to maintain his current half-hour drive or taking up to three buses, which can take nearly two hours, including wait times.

However, supporters of the plan argue that the essence of New York is at stake. With only about 40% of city households owning a car, it's crucial to provide a reliable and affordable mass transit system for those who do not drive, says Danny Pearlstein of the Riders Alliance.

AD_SHOULD_BE_HERE
Unusual Whales does not confirm the information's truthfulness or accuracy of the associated references, data, and cannot verify any of the information. Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Options, investing, trading is risky, and losses are more expected than profits. Please do own research before investing. Please only subscribe after reading our full terms and understanding options and the market, and the inherent risks of trading. It is highly recommended not to trade on this, or any, information from Unusual Whales. Markets are risky, and you will likely lose some or all of your capital. Please check our terms for full details.
Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Certain investment planning tools available on Unusual Whales may provide general investment education based on your input. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation. See terms for more information.