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The Taxi and Limousine Commission (TLC) has approved a taxi fare hike of 17 percent, which goes into effect today. The fare hike is the TLC’s first such increase in eight years, according to Gothamist.

(by Alissa Fleck)

The current fare rate is 40 cents for every fifth of a mile or minute stuck in traffic, but the hike will increase that rate to 50 cents. Gothamist reports the TLC anticipates fares will rise from $10 for the average fare to $12. Airport transit fees will also increase.

There is a small, temporary loophole in the new regulation, as cabbies are not required to make the changes until September 30. While it’s hard to believe there will be many holdouts, for a few weeks it will be possible to snag the occasional taxi for the old, reduced price, reports Gothamist. 

This change follows a July hearing, in which disgruntled cabbies reported walking away with meager earnings—$130, or less, for a 12 hour shift—and pointed to rises in gas prices and other services. According to the news blog, cab drivers reportedly make 24 percent less than they did in 2006. Many cab drivers believe the fare hike should be even higher.

Gothamist outlines the new fare prices and regulations.