Has the NYC Ferry Righted Its Ship?

Summary

The video explores the NYC Ferry system's history, financial challenges, and recent turnaround efforts, including new contracts, fare increases, and social media campaigns to boost ridership and reduce subsidies. It highlights the ferry's unique funding structure and the city's goal to expand service while lowering the cost per rider.

• NYC Ferry was launched in 2017 with over $325 million in city funding.
• The system is operated by Hornblower Group under contract with the NYC Economic Development Corporation.
• A 2022 audit criticized EDC for underreporting ferry expenditures and overpaying Hornblower.
• EDC renegotiated the Hornblower contract in 2023, retaining fare revenue for the first time.
• The subsidy per rider has dropped nearly 40% from its peak to $8.33 as of 2025.
• Fare prices have risen to $4.50 per single ride, with a commuter discount bringing it below subway fare.
• Record ridership of 7.4 million passengers was achieved last year.
• Route optimizations are expected to increase ridership by up to 14%.