Taxi fares are going up 23% in New York City for the first time since 2012
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Taxi fares rise 23% in New York City for the first time since 2012, pushing average fare costs from $15.97 to $19.62 — to account for inflation and labor shortages
- New York City taxi fares will increase 23 percent for the New Year
- NYC Taxi and Limousine Commission voted on the increase on Tuesday — and the cost increase will go toward higher pay for drivers
- The change will increase the average taxi fare from about $15.97 to $19.62
- Uber and Lyft also plan to increase their rates by 24 percent per mile and 7 percent per minute
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New Yorkers will soon see a significant increase in their yellow cab fares for the first time in a decade.
The NYC Taxi and Limousine Commission voted Tuesday to raise the price of a cab ride by 23 percent. The fare will also affect ride-share companies Uber and Lyft, which will increase their cost per mile and minute.
The committee also voted to increase the cost of airport fares, overnight rides and rush hour travel. The move will contribute to higher pay for drivers.
“After a year in which all drivers had to choose between food and fuel, and a decade of not only stagnation but above all loss for yellow cab drivers, we are relieved that the increase has been voted on,” said a spokesperson for New York newspaper The New York Times. York Times. That’s what the Taxi Workers Alliance told Bloomberg.
TLC Commissioner David Do also praised the decision: “Raising taxi fares and the minimum wage for high-volume drivers is the right thing to do for our city.”
The change will increase the average taxi fare from about $15.97 to $19.62. Yellow cab drivers will see the changes for the new year.
New York City taxi fares will increase 23 percent for the New Year. NYC Taxi and Limousine Commission voted on the increase on Tuesday — and the cost increase will go toward higher pay for drivers
Uber and Lyft also plan to increase their rates by 24 percent per mile and 7 percent per minute
The chart above shows the taxi fare in NYC over time
New York commuters can expect the metered fare of taxis to increase by 50 cents to $3. Surcharges are added to the fares depending on the destination.
Travelers heading home after work can expect an additional $1.50 fare increase with a $2.50 rush hour surcharge. The overnight fee has also been increased by 50 cents to $1 – and a ride from JFK Airport is now set at $70 compared to $52.
Meanwhile, rides from EWR now include a $20 surcharge instead of $17.50.
The number of taxis in Manhattan is slowly starting to rise again after a steep decline in 2020 due to the pandemic.
In August 2022, approximately 2,664,491 cab pickups were registered – an increase of 288,739 compared to the same time last year.
The yellow taxi industry suffered with 4,429,983 fewer taxi pickups in August 2020 – compared to 2019. At the time, approximately 819,365 pickups were registered in 2020, when more employees were remote.
Taxi drivers won’t be the only ones feeling the increase — both Uber and Lyft plan to increase their fares by 24 percent per mile and 7 percent per minute, according to Bloomberg.
The Taxi & Limousine Commission supported the decision to raise taxi fares
The number of taxis in Manhattan is slowly starting to rise again after a steep decline in 2020 due to the pandemic
Last month, it was reported that Lyft rides were on average about 60 cents more expensive due to rising insurance costs for drivers due to inflation.
The ridesharing company also added a 55-cent surcharge earlier this year to help drivers combat expensive gas prices. This resulted in consumers paying an extra $1 for a taxi ride.
The additional costs caused the average fare to increase by three percent and service costs to increase by 18 percent, according to YipitData.