Thursday’s Headlines: Trust Me, Bro Edition

Gov. Hochul insisted again on Wednesday that insurers will lower their rates for New York drivers, but even the companies backing her Uber-backed insurance agenda won’t promise they’ll cut prices, fueling growing skepticism.

Hochul has yet to convince lawmakers in Albany that they should include her policies in the budget, which crash victims have warned will erode people’s rights to sue for damages, but on Wednesday, the state’s chief executive vowed that insurers will play ball.

“They’re going to do it, they have to do this,” Hochul told Streetsblog at a press conference – fittingly – at the New York International Auto Show in Manhattan.

The governor cited Florida, where Gov. Ron DeSantis recently signed a slate of changes into law for home and auto insurance, with some similarities to Hochul’s platform. Notably, the Sunshine State also eliminated pain and suffering damages for anyone found more than 50 percent at fault in a crash.

After DeSantis enacted the changes, which Uber praised, the state’s top five insurers said they will lower their rates by an average of 8 percent this year, but local news outlets have questioned whether the reductions will be a one-time dip or if costs will actually drop — and home insurance rates increased again in some cases.

Meanwhile, personal injury attorneys in that state have warned that they will start rejecting cases because they won’t be paid if a jury finds their client to be more than 51 percent at fault.

So it’s a mixed bag at best, and when Streetsblog followed up with the governor, she added that state regulators will hold insurers to account with an existing law that limits excess profits in the industry.

“We’re looking at the Excess Profits Law and there are caps on what insurance companies can earn. So their costs will go down,” Hochul said. “That is all going to – I insist – will be going back in the pockets of ratepayers, just as it has in other states.”

As budget negotiations continue, we’ll see if Assembly Speaker Carl Heastie and Senate Majority Leader Andrea Stewart-Cousins will be convinced by Hochul’s approach that so far amounts to little more than “Trust me, bro.”

— Kevin Duggan

In other news:

• Nassau County Executive Bruce Blakeman is suing the state to release state matching funds as he campaigns for governor. (Newsday)
• Popular state Sen. Liz Krueger (D-Manhattan) is recovering from a stroke. (Capitol Pressroom)
• NYC DSA endorsed Rep. Alexandria Ocasio-Cortez (D-Bronx) for reelection. (City & State)
• The Capitol District Transportation Authority is adjusting its service offerings in Warren and Washington Counties. (WAMC)
• Seniors are eligible for free, on-demand car rides in some North Country counties. (NCPR)
• Gridlock” Sam Schwartz’s column yesterday had people losing their shit. Listen, Schwartz is a bona-fide expert and it’s important to listen when bona-fide experts raise reasonable concerns about a new technology. Lest we forget, we could have really used him 110 years ago when Henry Ford and his ilk unleashed a terrible new technology on our cities, ruining them forever. Engagement Editor Emily Lipstein discussed the issue in a must-read thread (to get the full freakout, click here):
• https://bsky.app/profile/nyc.streetsblog.org/post/3miyun7fj7k2n
• Free buses are likely not going to happen this year, but the mayor says he is still committed to his signature campaign issue. (Politico)
• The city needs more housing, but Staten Islanders only care about parking. (SI Advance)
• Transit workers are ratcheting up the LIRR strike talk. (Gothamist)
• Gov. Hochul got a free hit on President Trump, calling out the president’s hypocrisy for supporting a toll in the Strait of Hormuz, but not at 59th Street. (NYDN)