The Minneapolis City Council voted to delay the start of its rideshare ordinance to July 1st, and Uber and Lyft agreed to extend services until then. The ordinance would have required higher per-mile and per-minute rates, which Uber and Lyft threatened to leave the city over. The delay will allow for reconsidering a state-recommended lower per-mile rate while keeping the per-minute rate. Officials hope it gives more time for the city, companies, and stakeholders to find an acceptable solution.
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00:00It's Benzinga, and here's what's on the block.
00:02The Minneapolis City Council voted to delay the start of its rideshare ordinance to July 1st,
00:07and Uber and Lyft agreed to extend services until then. The ordinance would have required
00:12higher per-mile and per-minute rates, which Uber and Lyft threatened to leave the city over.
00:16The delay will allow for reconsidering a state-recommended lower per-mile rate while
00:20keeping the per-minute rate. Officials hope it gives more time for the city, companies,
00:24and stakeholders to find an acceptable solution. Other transportation startups
00:28signaled plans to enter the market if Uber and Lyft exit,
00:32but replacing their operations and drivers may be difficult.
00:35For all things money, visit Benzinga.com.