New York City to consider hiking taxi fares by as much as 20 percent

Black car and yellow taxi. (Jason Kuffer, via flickr)
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Taxi medallion owners have had a tough year, from their perspective.

First, the Bloomberg administration chose a Taxi of Tomorrow that many of them disliked. Then the city created a whole new class of so-called Borough Taxis that medallion owners, and some taxi drivers, believe will steal business from the regular yellow cabs.

Next week, on May 31, New York City's Taxi and Limousine Commission will consider giving something back, holding a public hearing about raising taxi fares, according to a meeting notice issued by the commission. 

Fleet owners and drivers have been requesting a hike of as much 16 or 20 percent, according to a source familiar with the proceedings.

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There hasn't been a taxi-fare hike since 2006.

According to the TLC, the average fare in January was $11.82 for a 2.76-mile ride. A 20 percent hike would render that fare, $14.18.

In a statement, TLC commissioner David Yassky, said, "“The fare hasn’t changed since 2006, so it is reasonable for taxi drivers and fleet owners to put this on the table. We will consider their petitions over the next couple of months.”