Cab fares could increase by 19 percent

November 5, 2010 5:52:06 PM PDT
The cost of a cab ride in New York City could jump.

That's because some of the companies that own the cabs now want a lot more money from the cabbies who lease those vehicles. If the cabbies pay more, so would the passengers.

Papers filed with the TLC asked for a 19 percent hike in taxi fares.

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That's because the garages that lease cabs to cabbies now want to charge more for the use of their taxis.

The result could mean a trip in Manhattan traffic costing about $13 could soon cost $2.50 more.

A 19 percent hike might seem like a lot, but the TLC granted a 26 percent fare hike just six years ago.

Taxi owners collect $105 when they lease out a cab for the day. It jumps to $129 on Friday and Saturday nights, but the cab owners say that's still not enough to pay for insurance, maintenance and salaries.

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