Transcript for Surge pricing proposal underway for New York City taxis
The cost of your cab ride could be going up once again a panel now looking to institute search pricing. For New York City taxis the new plan as part of a 600 million dollar proposal. To bail out debt ridden drivers Eyewitness News reporter Derek Mueller is live at Penn Station this morning. There. And surely if you've ever ordered an overall relived wallets rating will you know how search pricing works the price goes up. When demand is high and so now there's an idea to basically allow taxi drivers. To do the same thing that idea is part of a 600. Million dollar bailout proposed by commission formed by City Council. It would also recommend allowing customers to hail taxis from an apple similar to move for. The industries are decimated by a perfect storm the rise of right healing apps and predatory loans that saw the artificial inflation of medallions. They they rose to a million dollars around 4014 it's a bubble that is now Boris medallions are worth a fraction of that now. Faced with mounting debt some drivers mostly immigrants have taken their own lives. We want to help these taxi drivers had been through hell. We want to find a way to help them and their families we all are trying to find. Some kind of solution and this is an idea that might actually offer a positive way forward. And so right now details about this are limited we should get some more information about this bailout plan including where the money's gonna come from. At City Hall this afternoon for forty like here in midtown and your Lawler channel seven Eyewitness News.
This transcript has been automatically generated and may not be 100% accurate.