Author: Eric Jaffe
This month new cab fares went into effect in New York. Fares will rise an estimated 17 percent under a new cost structure approved by the Taxi and Limousine Commission this summer. For each fifth of a mile, or each minute in traffic, the fare goes up 50 cents, instead of 40, in the new system. It’s the first across-the-board increase in about eight years, and cabbies say it’s essential to keep up with rising fuel costs, but New Yorkers still aren’t happy. One Christopher Keating, 42, told Reuters:
“A 17 percent hike all at once is a little hard to swallow,” Keating said. “They may deserve a raise, but it seems like it would make more sense in smaller increments, year to year.”
C. Keating might check out a new report [PDF] from the Swiss bank UBS for some global perspective. On a list of cab fares in 72 cities around the world, New York fares in the middle of the pack. UBS calculates the price of a typical 3-mile cab ride in the city at $8.50. That’s just above Dubai ($8.17) and just below Istanbul ($8.94). It’s also considerably less than the other three American cities on the list: Chicago ($12.50), Miami ($15.32), and Los Angeles ($25.06). It’s even less than the global average, which UBS puts at roughly $10.
Read the full story at http://www.theatlanticcities.com/commute/2012/09/worlds-most-expensive-cabs/3328/.