Governor Kathy Hochul Hits Brakes On NYC Congestion Pricing: What It Means For Truckers, Rideshare Apps
Portfolio Pulse from Hayden Buckfire
New York Governor Kathy Hochul has indefinitely paused NYC's congestion pricing plan, which would have charged $15 for entering Manhattan. The decision impacts truckers, rideshare apps like Uber and Lyft, and real estate owners like Blackstone and Vornado Realty Trust.
June 06, 2024 | 3:59 pm
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POSITIVE IMPACT
Lyft Inc. would have faced a $2.50 toll per trip under the congestion pricing plan. The pause on the plan removes this potential cost burden.
Similar to Uber, Lyft avoids the additional $2.50 toll per trip, which could have negatively impacted demand if passed on to passengers.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Uber Technologies Inc. would have been affected by the $2.50 toll per trip under the congestion pricing plan. The pause on the plan removes this potential cost burden.
The removal of the $2.50 toll per trip is a positive for Uber as it avoids additional costs that could have been passed on to passengers, potentially reducing demand.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Blackstone Inc. owns real estate in Manhattan, which could have seen price increases due to the congestion pricing plan. The pause may delay these potential gains.
The potential for increased real estate prices in Manhattan due to reduced congestion is delayed, but the overall impact on Blackstone's portfolio is neutral in the short term.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
NEUTRAL IMPACT
Vornado Realty Trust owns property in Manhattan, which could have benefited from price increases due to the congestion pricing plan. The pause may delay these potential gains.
Similar to Blackstone, Vornado Realty Trust may see a delay in potential real estate price increases due to the pause, but the short-term impact is neutral.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60