NEW YORK -- Depending on who you ask, small business owners say congestion pricing could be a blessing or a curse. When Gov. Kathy Hochul initially canned the plan , she said did so in part because small business owners were afraid of losing customers who travel by car. Some business owners recently offered their take. CBS News New York spoke with four different businesses that acknowledged shipping costs could go up even with the decreased $9 congestion fee , but they differ on whether congestion pricing hurts or helps them. "We're going to probably lose at least 25% more business," said Danny Reina, general manager of Wall Street Grill. Reina said business is still struggling to come back from the pandemic, adding instead of business clientele, it has become more of a destination for family celebrations. "The dinners, it's moving along steadily, but it's not what it's supposed to be," Reina said. Even with the $9 toll, the general manager of Wall Street Grill says the restaurant may have to reduce its lunch service. The luxury upscale kosher restaurant on Pear Street had just two parties in for lunch on a recent weekday. Reina said he also fears losing employees who live in transit deserts. He commutes from the Long Island town of Westbury by car. "I don't see [the congestion roll] decreasing traffic. We're out here between 11:30 p.m.-12 a.m. When you're getting out at the time, there's no trains. It easily is going to cost me $1,200 to $1,400 a month just taking the train." The chair of the MTA has said less than 1% of people in the region drive to the Central Business District for work, and that those who do will now have a faster ride. Some business owners against congestion pricing have sued the MTA to stop it. Those who are optimistic about the plan say it can't come soon enough. Over on Varick Street, traffic leading to the Holland Tunnel backs up past Zafferano America, a lamp and tabletop store. CEO Barrett Gross said he believes it deters customers who mostly come by foot. "It'll reduce the amount of traffic that's right outside our front doors, and that'll be more pleasant for people who are shopping here," Gross said. His is one of 150 businesses that are part of the Hudson Square Business Improvement District. The organization did a 2023 study that found 93% of people ride the train, bike or walk in the area. "We actually pay for private crossing guards after 3:30 in the afternoon to help people cross Varick Street, said Samara Karasyk, the business improvement group's president and CEO. "And so, the better our transit system, the more people will take the transit system to come here." In the West Village, Aviv Brawer-Cohen, the co-owner of Nati clothing boutique on Bleeker, is optimistic congestion pricing will help the store, and another on Prince Street in SoHo. "Our stores are located right next to the Christopher Street station, West 4th Street, Bowery, Broadway, and these stations are often times filthy," Brawer-Cohen said. "Now, this city will have dedicated revenues to clean up these stations and make trains run more reliably." One could say that opinion is a diamond in the rough in the Diamond District. Diamanti NYC co-owner Kerri Lavine said she would not feel comfortable with one of her employees carrying pricey stones on the subway. "Not really, honestly. I'm uncomfortable getting on the subway," Lavine said. Lavine said customers drive in to West 47th Street from across the region. "We make women happy and we make men cry," Lavine said. Crying may be the only option for the 2,600 small businesses that are part of the Diamond District Partnership. "All the different companies, they do pickup, plus we have armored companies that are here," executive director Avi Fertig said. "You can't send it by messenger and bicycle. It needs to be done in a very careful, role-planned way." Lisa Rozner joined CBS News New York in 2017. She covers a wide range of stories.
How the stock market defied expectations again this year, by the numbers NEW YORK (AP) — What a wonderful year 2024 has been for investors. U.S. stocks ripped higher and carried the S&P 500 to records as the economy kept growing and the Federal Reserve began cutting interest rates. The benchmark index posted its first back-to-back annual gains of more than 20% since 1998. The year featured many familiar winners, such as Big Tech, which got even bigger as their stock prices kept growing. But it wasn’t just Apple, Nvidia and the like. Bitcoin and gold surged and “Roaring Kitty” reappeared to briefly reignite the meme stock craze. Stock market today: Stocks waver in thin trading after US markets reopen following a holiday pause Stocks are wavering on Wall Street in light trading as U.S. markets reopen following the Christmas holiday. The S&P 500 and Nasdaq composite were down by less than 0.1% in afternoon trading Thursday. The Dow Jones Industrial Average was up less than 0.1%. Gains in technology companies and retailers helped temper losses elsewhere in the market, including a pullback by some heavyweight Big Tech stocks. The Labor Department reported that U.S. applications for unemployment benefits held steady last week, though continuing claims rose to the highest level in three years. Treasury yields fell. U.S. markets have historically gotten a boost at year’s end despite lower trading volumes. Israel strikes Houthi rebels in Yemen's capital while the WHO chief says he was meters away JERUSALEM (AP) — A new round of Israeli airstrikes in Yemen have targeted the Houthi rebel-held capital of Sanaa and multiple ports. The World Health Organization’s director-general said the bombardment on Thursday took place just “meters away” as he was about to board a flight in Sanaa. He says a crew member was hurt. The strikes followed several days of Houthi attacks and launches setting off sirens in Israel. Israel's military says it attacked infrastructure used by the Houthis at the international airport in Sanaa, power stations and ports. The Israeli military hasn't responded to questions about the WHO chief's statement. Holiday shoppers increased spending by 3.8% despite higher prices New data shows holiday sales rose this year even as Americans wrestled with still high prices in many grocery necessities and other financial worries. According to Mastercard SpendingPulse, holiday sales from the beginning of November through Christmas Eve climbed 3.8%, a faster pace than the 3.1% increase from a year earlier. The measure tracks all kinds of payments including cash and debit cards. This year, retailers were even more under the gun to get shoppers in to buy early and in bulk since there were five fewer days between Thanksgiving and Christmas. Mastercard SpendingPulse says the last five days of the season accounted for 10% of the spending. Sales of clothing, electronics and Jewelry rose. Finland stops Russia-linked vessel over damaged undersea power cable in Baltic Sea FRANKFURT, Germany (AP) — Finnish police say authorities detained a ship linked to neighboring Russia as they investigate whether it damaged a Baltic Sea power cable and several data cables. It was the latest incident involving disruption of key infrastructure. Police and border guards boarded the Eagle S and took control as they investigate damage to the Estlink-2 undersea power cable. The cable brings electricity from Finland to Estonia across the Baltic Sea. The cable went down on Wednesday. The incident follows damage to two data cables and the Nord Stream gas pipelines. Both have been termed sabotage. Russian ship that sank in the Mediterranean was attacked, owner says MOSCOW (AP) — The Russian operator of a cargo ship that sank in the Mediterranean Sea between Spain and Algeria says it has been hit by a series of explosions in an act of sabotage. Oboronlogistica is a state-controlled company that operated the Ursa Major freighter. The company said the vessel was wrecked by three powerful explosions just above the water line in what it described as a “terrorist attack” that caused it to sink on Monday. The company said in a statement carried by Russia’s state RIA Novosti news agency on Thursday that the explosions left a hole in the ship’s starboard and filled the engine room with acrid smoke. That hampered the crew’s attempts to access it. Undersea power cable linking Finland and Estonia hit by outage, prompting investigation FRANKFURT, Germany (AP) — Finland’s prime minister says authorities are investigating an interruption in a power cable under the Baltic Sea between his country and Estonia. Petteri Orpo said on X that power transmission through the Estlink-2 cable suffered an outage Wednesday. Authorities have been on edge about undersea infrastructure in the Baltic after two international data cables were severed in November and the Nord Stream gas pipelines between Russia and Germany were blown up in September 2022. Japan to maximize nuclear power in clean-energy push as electricity demand grows TOKYO (AP) — A Japanese government panel has largely supported a draft energy policy calling for bolstering renewables up to half of Japanese electricity needs by 2040. It also recommends maximizing the use of nuclear power to accommodate the growing demand for power in the era of AI while meeting decarbonization targets. Cabinet is expected to formally approve the plan by March following a period of public consultation. The policy says nuclear energy should account for 20% of Japan’s energy supply in 2040, with renewables expanded to 40-50% and coal-fired power reduced to 30-40%. Working Well: Returning to the office can disrupt life. Here are some tips to navigate the changes NEW YORK (AP) — Thousands of workers are facing an unsettling reality heading into 2025. After years of working from the comfort of home, they're being told it’s time to return to the office full-time for the first time since the coronavirus pandemic. That can bring a host of challenges, including losing time with family. Workers at Amazon, AT&T and other companies have been called back to the office five days a week. Experts have advice to share about how to navigate the changes when an employer calls you back to the office. Workers can convey what they need, seek flexibility and if all else fails, consider other options. US applications for unemployment benefits hold steady, but continuing claims rise to 3-year high WASHINGTON (AP) — The number of Americans applying for unemployment benefits held steady last week, though continuing claims rose to the highest level in three years. The US Labor Department reported Thursday that jobless claim applications ticked down by 1,000 to 219,000 for the week of Dec. 21. That’s fewer than the 223,000 analysts forecast. Continuing claims, the total number of Americans collecting jobless benefits, climbed by 46,000 to 1.91 million for the week of Dec. 14. That’s more than analysts projected and the most since the week of Nov. 13, 2021. Weekly applications for jobless benefits are considered representative of U.S. layoffs.