Road traffic leads to an externality: drivers do not account for the time cost they impose on others. I study optimal congestion pricing in an urban general equilibrium model in which agents choose residential and workplace locations, travel modes, and route choices with congestion. The attractiveness of workplaces and residences is also determined endogenously. I provide conditions for the uniqueness of both the competitive equilibrium and the first best planner’s problem and characterize the tax instruments needed to decentralize it. I show how the model can be solved with arbitrary other taxes, including congestion toll zones. I apply these theoretical results to New York City and find that the first best tax policy would realize gains of \$0.77 per person per day with substitution between driving and public transit as a key margin of adjustment. 35\% of the gains from optimal congestion pricing at the link level can be achieved by a congestion zone that covers only lower Manhattan.