Transportation
NYC Congestion Pricing Pause Puts Over $15 Billion in MTA Projects at Risk
- More capital projects may be shelved due to bigger deficit
- Congestion pricing was supposed to bring in $1 billion a year
The decision to delay New York City’s congestion pricing plan risks leaving the Metropolitan Transportation Authority with a bigger budget hole than originally thought. The agency has warned bondholders that it may have to postpone more than $15 billion of infrastructure projects to make up for the huge deficit.
Earlier this month, Governor Kathy Hochul indefinitely paused the new tolling initiative that would have brought in $1 billion a year for projects. The largest transit agency in the US had planned to borrow against those funds to generate $15 billion to modernize a more than 100-year-old system and help boost ridership.