NEW YORK (1010 WINS) -- New York City is considering a taxi fare hike for the first time since a 17% increase in 2012.
The city will hold public hearings on a potential rate hike on May 23 and 24, the Taxi and Limousine Commission announced Thursday.
The current rate is a base fare plus $0.50 for every fifth of a mile moving over 12 mph or $0.50 for every minute moving slower than that.
It’s not clear how big of an increase the TLC is considering.
In a press release, the commission said it’s considering the hike in light of “COVID-19 and high rates of inflation.”
While the pandemic has taken a toll on drivers — about 4,500 taxis have gone out of service since the start of COVID — rideshare apps like Lyft and Uber have also done damage to the industry.
The apps have taken losses on rides to undercut taxi rates and have since raised prices after forcing a portion of the city’s cab drivers out of business.
The New York Taxi Workers Alliance lauded the proposed hikes in an interview with the New York Daily News, but said rideshare apps like Uber and Lyft should apply to app rates as well in order to prevent further undercutting.
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