Market Talk – November 29, 2024
ASIA: The major Asian stock markets had a mixed day today: • NIKKEI 225 decreased 141.03 points or -0.37% to 38,208.03 • Shanghai increased 30.76 points or 0.93% to 3,326.46 [...]
Congestion Taxes Coming to NYC
The Metropolitan Transportation Authority (MTA) believes that taxation could decrease traffic congestion in New York. Vehicles will be charged an additional $15 daily to enter Manhattan from 60th Street or below, while trucks will face a fine between $24 and $36. New York Gov. Kathy Hochul strongly backs the measure as she believes it will help to clean up New York.
“Congestion pricing means cleaner air, better transit and less gridlock on New York City’s streets and today’s vote by the MTA Board is a critical step forward,” Hochul commented. As a reminder, New York City just voted to slash funding for sanitation. It is not an exaggeration to say that the city is overrun with rats. The police budget is declining by $5.6 billion as well at a time when crime is through the roof and the city’s infrastructure is crumbling as busloads of illegals arrive daily.
Do they want to utterly kill the leisure and hospitality industry? As a previous resident of New Jersey, I saw the tolls into New York rise over the years. It now costs a good $20 in tolls simply to cross into the state, and parking fees in the city are some of the highest in the nation. Now you have to factor in an added daily congestion fee and it will cost the average person a good amount simply to enter Manhattan.
Obviously they want people to rely on public transportation as the coming 15-minute cities will not require personal vehicles. Taxis will charge passengers an extra $1.25 to meet the toll while Uber and Lyft plan to implement a $2.50 fee. People earning under $50,000 annually can apply for a discounted rate only after their first 10 trips per month.
They’re banning coal and wood ovens so there will soon be no reason to stop in the city for a slice of pizza or world famous cuisine. Former grand hotels are now migrant camps and thousands of undocumented military aged men are scattering the streets. Crime is rising and Soros-backed DAs won’t allow criminals to be prosecuted. The people of New York will never see the money derived from this new tax. Yet another reason why I will never return to NYC.
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