00:00Hochul raises concerns over NYC Mayor-elect's free bus plan.
00:05New York Governor Kathy Hochul signaled caution on Saturday regarding Mayor-elect Zoran Mamdani's ambitious plan to make New York City buses free,
00:13highlighting the financial challenges of diverting revenue from the city's transit system.
00:17Speaking at the Somos conference in Puerto Rico, Hochul said,
00:21We're spending a lot of money, so I cannot set forth a plan right now that takes money out of a system that relies on the fares of the buses and the subways, according to Fox News.
00:31She noted that the state has already provided substantial funding to the Metropolitan Transportation Authority for major projects.
00:37But can we find a path to make it more affordable for people who need help?
00:41Of course we can, Hochul added, signaling openness to incremental solutions while stopping short of endorsing the full free bus proposal.
00:49The comments come roughly two months after Hochul endorsed Mamdani in the governor's race.
00:55Mamdani, a democratic socialist, has proposed funding free buses and universal child care by raising taxes on the city's wealthiest residents and corporations.
01:04I continue to be excited about the work of making the slowest buses in America fast and free, Mamdani said during an unrelated press conference Monday.
01:14And I appreciate the governor's continued partnership in delivering on that agenda of affordability.
01:21Mamdani has outlined specific funding measures for the initiative, including a two percentage point increase in the personal income tax for the city's wealthiest 1% and raising the corporate tax to match New Jersey's 11.5% rate.
01:34I've said time and time again that I believe these are the most straightforward ways that we can actually fund universal child care, making buses fast and free, he said on Fox News, the story in October.
01:47Now, if there are other ways to raise this money to fund this agenda, the most important thing is that we fund the agenda.
01:55Currently, bus fares in New York City are $2.90, while express buses cost $7 per ride.
02:04The MTA has struggled with fare evasion, reporting losses of approximately $315 million in 2022 alone.
02:12The financial strain underscores Hochul's caution in fully embracing the free bus plan.
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