NEW YORK (TIP): New York Governor Hochul had proposed a multipronged plan to help fill the Metropolitan Transportation Authority’s budget gap of nearly $3 billion by 2025 through a mix of new revenue streams, including $500 million a year from New York City.
But lawmakers shot down the pillars of her plan. Both the Senate and Assembly opposed her proposal to raise payroll taxes on businesses that benefit from the transit network, as well as the $500 million yearly contribution from the city. The Senate also rejected her move to divert revenues from three planned casinos in the New York City region to help the authority. Instead, the Senate proposed giving the New York City Council the authority to create a parking permit system in the city’s residential neighborhoods, an idea that has been floated by some transit advocates for years but has failed to gain traction.
The city would be allowed to charge up to $30 a month for a permit, and the revenues would be dedicated to the M.T.A. The proposal would give the Council the power to require permits in certain areas, with the aim of easing the difficulty that many residents have in finding street parking.
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