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Under the state’s new congestion pricing measure, starting in January it will cost $5.80 to get into a yellow cab in the most congested sections of Manhattan. Approved by state lawmakers earlier this year, the surcharge on for-hire vehicles affects all rides between Lower Manhattan and 96th Street during the busiest times of the day. But drivers of yellow cabs worry the fee will affect them more than app-based ride-hailing services like Uber and Lyft, which can mask the surcharge by tweaking trip costs (h/t WSJ).
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Actress and candidate for governor Cynthia Nixon released last week her plan to fix New York City’s transit system and many of the ideas look pretty familiar. To pay for much-needed subway repairs, Nixon’s plan calls for congestion pricing, a concept supported by her opponent Gov. Andrew Cuomo, and a millionaires’ tax, an idea backed by Mayor Bill de Blasio (h/t NY Post). Her campaign also details imposing a polluter fee on fossil fuel companies to “generate billions of dollars to be used to fund New York’s transition to green energy.”
And while disparaging the MTA remains one of the focal points of her campaign, Nixon’s plan to upgrade the subways is nearly identical to the Fast Forward plan released by NYC Transit Authority President Andy Byford last month. Jon Weinstein, a spokesperson for the MTA, said in a statement: “After three months of slamming the MTA in the press, Ms. Nixon released a plan to fix the subways and it was the MTA’s plan. Thanks.”
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Congestion pricing is dead in the water again. But New York City’s traffic and subway problems continue to get worse while the population and Cuomo and De Blasio’s battles continue to grow. Something has to give. With that in mind, the question remains, if congestion pricing ever happens, what is the relationship between congestion pricing and NYC real estate?
HEAD OVER TO CITYREALTY FOR THE ANALYSIS…