New Congestion Surcharge Hurts Taxi Passengers and Drivers: NYC Taxi Group President
*By Amanda Weston*
Catching a ride in New York just got more expensive, and passengers aren't the only ones complaining.
"It's a problem for the drivers," Aleksey Medvedovskiy, the president of NYC Taxi Group, told Cheddar Wednesday. "It's a problem for the general public."
As of [early February](https://abcnews.go.com/Business/judge-approves-congestion-pricing-york-city-taxi-uber/story?id=60778450), the new surcharge is $2.50 per fare for taxis and $2.75 for trips with ride hailing companies like Uber and Lyft.
The new fee applies to rides passing through central Manhattan, the site of significant traffic issues. Passengers are responsible for paying the surcharge ー but drivers don't share in any of the profit. The proceeds in their entirety will be directed to the MTA to improve public transportation.
Medvedovskiy said he's dubious about this method.
"I don't think congestion pricing will decrease the amount of traffic in Manhattan," Medvedovskiy said. "I think there should be other solutions, other alternatives besides charging $2.50 and $2.75 for a passenger and passing it off to the state."
While riders will be the ones shelling out the extra cash, Medvedovskiy said drivers are "100 percent" upset.
He added drivers already are forced to fight for passengers, who may now consider taxis a less attractive option, given the extra cost. But his biggest concern, Medvedovskiy said, is the lack of downtime for drivers.
"It's the cars sitting, not servicing the public," Medvedovskiy said. "The drivers don't want to drive because they don't make enough money."
For full interview [click here](https://cheddar.com/videos/nyc-taxi-drivers-speak-out-against-new-fee-for-customers).
Cheddar News' Courtney Sturgeon reports live from the options trading floor on the 50th annivesrary of Cboe to break down the global impact of the U.S. options industry, and an outlook on the options market.
A new survey from the National Council for Mental Wellbeing shows that four in five behavioral health workers were concerned that labor shortages in their field “negatively impact society as a whole.”
A British tobacco company has agreed to pay more than $629 million to settle allegations that it did illegal business with North Korea in violation of U.S. sanctions, the Justice Department said Tuesday.
First Republic Bank's stock plunged Tuesday after it said depositors withdrew more than $100 billion during last month’s crisis, with fears swirling that it could be the third bank to fail after the collapse of Silicon Valley Bank and Signature Bank.
Strong U.S. sales helped General Motors increase its first-quarter net profit 19% over a year ago, leading the company to raise its full-year earnings guidance on expectations that people will keep buying new vehicles.
British regulators have blocked Microsoft’s $69 billion deal to buy video game maker Activision Blizzard over worries that it would stifle competition in the cloud gaming market.
Mortgage delinquencies rose to nearly 4% in the fourth quarter last year, according to the Mortgage Bankers Association. Howard Dvorkin, certified financial planner and chairman of Debt.com, joined Cheddar News to provide tips on what to do if you can't make mortgage payments.
