Statement from uptown Council Member Ydanis Rodriguez: “Tomorrow the Medallion Task Force, mandated with analyzing the crisis faced by this sector of the taxi industry and issuing recommendations, will release a report based on their findings. The report makes various proposals for debt relief and regulation enforcement, among other mechanisms to save the struggling Taxi Medallion industry. I would like to thank Speaker Corey Johnson, the Taxi Medallion Task Force members, and advocates for their hard work in producing an extensive list of recommendations to save the taxi medallion industry.
The recommendations are delineated in four parts that analyze different aspects of the Medallion sector and offer sets of possible solutions.
he first category addresses current medallion lending practices, which contributed greatly to the financial issues impacting hundreds of drivers and a set of proposed reforms.
The second category aims at tackling the Medallion debt crisis through a debt purchasing instrument, a medallion buyback program, or legal and financial services.
The third category focuses on the expansion and strengthening of TLC enforcement and the fourth category makes recommendations targeting the modernization of the Yellow Taxi industry.
The City remains committed to ensuring that Medallion owners and drivers receive the help they need and the protection of a competitive environment for this sector of the industry as they operate alongside all other taxi sectors in a fair and equitable way. What occurred to the Taxi Medallion Owners and drivers must never occur again to any industry in the public or private spheres in the City of New York.”
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