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Uber, Lyft Ridership Pace Declines in NYC After Fares Rise

Rising prices among New York City’s major ride-hailing apps may be deterring the most price-cautious passengers. Uber Technologies, Inc. completed 15.9 million trips in May in NYC -- that’s down 8% from March, according to a Bloomberg News analysis of data from the city’s Taxi and Limousine Commission. At the same time, Lyft Inc. made 4.7 million trips, which is 17,000 fewer than its peak in March. The slowdown comes nearly six months after city officials passed the nation’s first minimum wage rule for drivers of the companies, pushing up prices for passengers as a result.

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