Section 2304. Rates

a. The amount to be charged and collected for the hire
  of a taxicab for one or more passengers within  the  city  of  New  York
  shall be the total of the following items:
    1.  For the first one-fifth mile or fraction thereof, or the first one
  minute of waiting time or fraction thereof, or the combination  thereof,
  sixty cents.
    2.  For  each  additional  one-fifth  mile  or  fraction  thereof,  or
  seventy-two  seconds  of  waiting  time  or  fraction  thereof,  or  the
  combination thereof, ten cents.
    3. Fifty cents for each trunk.
    4. All bridge and tunnel and ferry tolls.
    5.  There  shall  be  no  charge  for  personal  luggage  or for other
  belongings of the passengers transported in the interior of the taxicab.
    b. Hereafter, and notwithstanding the rates set forth in  paragraph  a
  of  this  section,  the commission shall prescribe, revise and otherwise
  regulate reasonable rates of fare which may be charged and collected for
  each type of service rendered.
    c. In determining the rates of fare, the commission may  consider  all
  facts  which  in  its judgment have a bearing on a proper determination,
  with due regard among other things to the time and distance  of  travel,
  to  the character of the service provided, to the gross revenues derived
  from operation, to  the  net  return  derived  from  operation,  to  the
  expenses  of  operation including the income of drivers or operators, to
  the return upon capital actually expended and the  necessity  of  making
  reservations  out of income for surplus and contingencies, to the number
  of passengers transported, to the effect of fares upon the public and in
  relation to the fares for other forms of public transportation,  and  to
  the fares and practices with respect to similar services in other cities
  of the United States.
    d. No determination by the commission changing the rates of fare shall
  be  made  except  after a public hearing before the commission, at which
  evidence shall be taken.
    e. At any public hearing involving a change in the rates of fare,  the
  burden  of proof to show that existing rates are not reasonable shall be
  upon such segment of the business or industry affected by  this  chapter
  as is involved in the change in rates.
    f.  The  costs reasonably attributable to a public hearing involving a
  change in the rates of fare, including the expenses  of  the  commission
  and  the  compensation  of  its officers, agents and employees, shall be
  charged to and paid by such segment of the business or industry affected
  by this chapter as is involved in the change in rates.