Sentences with phrase «cab medallions»
"Cab medallions" refer to licenses or permits required by taxi drivers in some cities to operate their taxis legally. These medallions are usually displayed on the exterior of the cab and act as proof that the driver is authorized to pick up passengers. Full definition
While it's unclear how much medallions for the new cabs would cost, yellow cab medallions currently sell for an eye - popping $ 600,000 — a price drivers say they could never afford.
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Mac Roberts, the general manager of East / West Management, a New York City company that operates 120 yellow taxi cab medallions, called upon the Taxi & Limousine Commission, as well as New York State, to better regulate Uber and others, telling the Observer in a memorable anti-Uber rant:
Calling a special session can open an can of undesirable worms for the governor in the form of news conferences and press releases pushing lawmakers take up a variety of unfinished business and side causes (independent redistricting, the taxi cab medallion bill, among others) or other issues (the millionaires tax).
Not of primary concern, she said, is the value of city - issued cab medallions — held by a handful of taxi kingpins — which are now valued at $ 750,000 off of a high of $ 1.3 million a year ago.
In addition to expanding taxi service to the city's outer boroughs, it would also add 1,500 yellow cab medallion licenses.
Other potential items to vote on would be flood relief for parts of upstate, as well as changes to the livery cab medallion bill.
Those in favor of the ban emphasized the bill would include efforts to find the drivers new jobs — including offering them green cab medallions, and including plans for job training and the introduction of potential replacements for the carriages.
Mr. Freidman and other holders of Taxi and Limousine Commission - issued yellow cab medallions have seen the value of the once - coveted permits plunge as Uber and Lyft have expanded.
Ride - hailing apps like Uber and Lyft have been so disruptive to New York City's taxi industry, they are causing some lenders to fail, including three New York credit unions that specialize in loaning money against taxi cab medallions.
Queens Rep. Joseph Crowley wants de Blasio to step in to help the struggling yellow taxi industry and its lenders, saying new app - based car services like Uber have led to a big drop in value of the yellow cab medallions.
These medallions, which are valued at only about $ 5,000 - 7000, are not to be confused with the much more valuable yellow - cab medallions, which currently cost about $ 850,000 each.
The New York Times reported last week that the value of yellow cab medallions is in free - fall nationwide, with prices in New York having slipped as much as 17 % since hitting a million bucks in Spring, 2013.
In a statement, Cira Angeles, a spokeswoman for Livery Base Owners, Inc., one of the many livery cab associations, called the «delinking of borough licenses from yellow cab medallions is an important first step.»
In addition, 1,500 yellow cab medallions would be authorized.
The bill also authorizes the Taxi and Limousine Commission to sell up to 1,500 new yellow cab medallions, with 569 of the new cabs required to be handicapped accessible.
Otherwise, we will have to try to reach corporate assets, such as the taxi cab medallion.