Council to Pass Levine Bill Studying Taxi Medallion Debt Solutions
**RELEASE** November 28, 2018
CONTACT: Jake Sporn // 917-842-5748 //
City Hall, NY – Today the New York City Council is expected to pass legislation, Intro 1069, sponsored by Council Member Mark Levine, requiring the TLC to study the prevailing issue of medallion owners with excessive debt.
The legislation is aimed at helping City policymakers and industry stakeholders better understand the depths of this crisis in addition to analyzing potential ways to ease the financial hardship facing thousands of hardworking, overwhelmingly immigrant drivers.
“Independent owner-drivers who played by the rules set by the City are now enduring extraordinary financial hardships through absolutely no fault of their own,” said Council Member Levine. “After having bought an asset because they had a guarantee from the City about its underlying value, our city has failed these small business owners. Both the financial and human toll brought on by this crisis cannot be overstated.As I’ve stated before, it is the app-based taxi corporations should be the ones to shoulder the financial burden of providing financial relief to the independent medallion owner-drivers who are suffering. The study called for in this legislation will provide valuable insight in to how we can help these drivers.”
Earlier this year the TLC agreed to Council Member Levine’s proposal to waive the required annual medallion renewal and inspection fees, which force payments two years in advance and cost up to $1,650 per medallion. His office is currently working on legislation that would codify the fee waiver into City law.