Multi-Million Dollar Taxi Medallion Bailout for New York’s cab owners?
Uber and Lyft have undermined the old taxi medallion system in New York City. But cab owners, who may have paid as much as a million dollars to own a cab, are a powerful political force in The Big Apple. They want taxpayers to bail them out of their medallions because they can’t compete with the ride sharing companies.
A 19-member committee led by the City Council developed the bailout plan.
It calls for the city to buy, at a discounted rate, the loans of medallions that are under water and allow the owners to pay off what the medallions are now worth.