NYC Yellow Cabs May See Fare Hike Soon, Uber and Lyft Laugh Manically

NYC Yellow Cab 1 photo
Photo: Benny Kirk/ autoevolution
According to a recent Regular Car Reviews video, only ten NYC Taxi-spec Ford Crown Victorias are operating in the city as of mid-2022. By this time next year, that number will likely be zero. Coincidentally, this same time in the future may be a tumultuous time for NYC Yellow Cabs for a whole other reason.
The New York Post reported on September 14th that city officials announced a proposal to hike NYC Yellow Cab fares by as much as 22.9 percent. If carried out, it would be the first time the price of a fare in New York City has increased since September 2012. Coincidentally, this was around the same time Uber and then Lyft became the biggest existential threat to Yellow Cab in its history.

According to the New York City Taxi and Limousine Commission, this hike would increase driver revenue by as much as a third, and total revenue attributed to the absurdly valuable and ever controversial NYC Taxi Medallion by 29.5, according to the New York Post. The proposal mentioned above would increase the flat fare to ride to JFK International Airport from $52 to $65 and Newark Airport in New Jersey from $17.50 to $20. Meanwhile, Taxi improvement fees, which are injected back into the upkeep of Yellow Cabs, will also increase from 30 cents to one dollar flat.

At least as far as cab drivers are concerned, such a fare hike can only be a positive. But the same can't be said for New York City's hoards of locals and tourists who have to squeeze into increasingly cramped subway cars. Forgoing a trip by cab on account of ever-increasing costs. As the last of the old guard Crown Vics get laid to rest, it may very well coincide with an era where there are a downside less Yellow Cabs on city streets than at any time in the last 70 years. As a side note, we bet being a ride-share app executive is a pretty sweet gig right about now.
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