New York, N.Y. – It could get a lot more expensive to catch a cab ride in New York.
The Taxi and Limousine Commission is holding public hearings starting next week on a fare hike of up to 20 percent.
Industry groups say higher gas prices and a new fleet is costing them more. But cab drivers worry they could lose money because higher fares might mean fewer customers.
The last time cab fares went up was back in 2006.
If approved, the increase could take effect as soon as July.