The Taxi and Limousine Commission’s new plan would raise the cost of taking a yellow taxi in New York City by around 23%.
It would be the first increase in metered taxi rates in New York City in ten years, raising the cost of yellow cab rides in every neighborhood while putting more money in the wallets of struggling cabbies.
According to officials, the base fare and surcharges for each ride will be raised from $3.30 to $4.50.
Taxi riders have been charged an additional $2.50 for trips that begin or end in Manhattan below 96th Street since 2019, and officials have stated that this rate will not change.
The hikes would raise the cost for yellow cab rides from 4 p.m. to 8 p.m. from $1 to $2.50 and overnight trips from 8 p.m. to 6 a.m. from 50 cents to a dollar.
Officials also intend to raise the price charged to taxi riders for every 1/5th mile traveled from 50 cents to 70 cents.
The proposal raises the most expensive basic fee for a yellow taxi journey during evening rush hour that begins or ends in Manhattan from $6.80 to $9.50.
TLC officials reportedly intend to raise the flat rate from Kennedy Airport to Manhattan from $52 to $65.
On October 6, the agency will host a public hearing on the proposed modifications. The TLC board has not yet been scheduled to vote on the revised fares suggested this week.
TLC Commissioner David Do said in a statement, “Our plans to increase taxi prices and driver remuneration would ensure that drivers can meet their higher expenses while continuing to provide mobility options across the five boroughs.”
City authorities predict that the agreement will enhance revenue by 29% for yellow cab medallion owners, who have exclusive access to street pick-ups in the city’s busiest areas.