“The benefits [of the congestion pricing program] have proven to be robust, though perhaps a bit less than advertised and not yet transformational. Although they will expand as the toll revenues transmute into long-lasting improvements in citywide transit service, making them transformational now will require implementing a suite of ancillary measures designed to allow more efficient use of the city center’s street grid. But, contra the sky-will-fall predictions, congestion pricing is producing no noticeable social injury. Manhattan businesses haven’t fled. The city’s economy hasn’t contracted. Putative spillover areas like the South Bronx aren’t seeing more trucks and dirtier air.
“Shortly after the tolls launched a year ago, I expected them to net $60 million or more a month and boost traffic speeds by 4 to 5% in the congestion zone and 1 to 2% outside. Results thus far are more humdrum. According to MTA figures, monthly revenues minus expenses are struggling to reach $50 million. As for traffic flow, the early euphoria of freer-flowing streets has dissipated. While some rebound in traffic was expected, data culled from Ubers and yellow cabs in motion suggest that travel speeds within the zone today are barely surpassing those from a year earlier.
“To improve traffic flow sooner and help congestion pricing live up to its full promise, New York needs to get more creative – and assertive – in imposing price discipline on use of its streets and roads.”
– Charles Komanoff
Source: Vital City
