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It was only a matter of time: the price of a metered taxi ride will officially go up by 23% for the first time since 2012 following a vote by New York City's Taxi and Limousine Commission (TLC) this week.
According to Bloomberg, the base metered rate will increase from $2.50 to $3 and surcharges during rush hour will now be $2.50 instead of $1. Overnight ride fees, on the other hand, have gone from $0.50 to $1—a 50% increase.
Airport flat rates will also change: a ride to John F. Kennedy International Airport will now cost you $70 instead of $52 and the trip to LaGuardia Airport has increased by $5.
Lest you think yourself immune from the hikes given your propensity for Uber and Lyft rides, think again: the commission has also approved a 7% per-minute pay raise for app-based drivers. That means that their per-mile compensation has just increased by 24%.
Considering that NYC is already home to the most expensive Uber rides in the United States, we expect a whole lot of New Yorkers to opt for other modes of transportation moving forward (after all, as old and decrepit as our subway system is, it consistently remains the most reliable way to get around town).
All changes are expected to go into effect before the end of the year.
"This is the first taxi fare increase in 10 years, and these raises will help offset increased operating expenses and the cost of living for TLC-licensed drivers," said TLC commissioner David Do in an official statement shared with CBS MoneyWatch. "We are confident that today's unanimous Commission vote will keep our taxi and FHV fleets sustainable and ready to serve New Yorkers."
As controversial as the fare hike is, it certainly does not come as a surprise. In fact, the TLC released the now-approved proposal back in September, just as talks about inflation and all-around price increases took center stage in the news. Here's to hoping our salaries are next in line!