Uber and Lyft will have to increase the minimum pay rates for drivers in New York City by the end of the year, Engadget reports. The fare increase comes amid a driver shortage post-pandemic, in large part due to rising operational costs.
The city’s Taxi and Limousine Commission (TLC) voted to increase the per-minute rates of ride-hail drivers by 7.42% and per-mile rates by 23.93%. Yellow and green cab rates will also increase by 23% by the end of this year.
The commission is hoping that increasing the pay rates will attract more taxis and drivers to the roads in order to serve increasing passenger demand.
“Raising taxi fare rates and minimum pay for high-volume drivers is the right thing to do for our city,” said TLC comm …
