Mayor Bloomberg Looking To Make NYC More Money

According to the New York Post, Mayor Bloomberg vetoed a bill that would give motorists a five-minute grace period.

The Mayor warned that the universal extension of time would have the practical difficulty of impeding traffic flow and will affect the street cleaning works. On the other hand, the bill sponsors argued that the grace period was in effect for many years without anyone having any difficulty.

The council passed the bill by a margin of 47-2, which means there are enough votes to override the veto. The passing of the bill will be a relief for the New York City residents who own cars like Toyota Motor Corporation (ADR) (NYSE: TM), Ford Motor Company (NYSE: F) and the like.