A new proposal by the Taxi and Limousine Commission calls for a 23% increase in average passenger fares.
The city Taxi and Limousine Commission is proposing to raise taxi rates and surcharges for the first time in 10 years.The city Taxi and Limousine Commission is proposing to raise taxi rates and surcharges for the first time in 10 years.New York City taxi cab rates and surcharges could increase for the first time since 2012 in a move officials said would put more money in drivers’ pockets and help mitigate the effects of the pandemic.
The TLC estimated the change would bump up average passenger fares by 23%, driver revenue by 33% and medallion revenue by 30%. A medallion is the physical permit that allows cab drivers to operate. At one point, medallions were valued at $1.2 million, after industry leaders artificially inflated their prices, an investigation by
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