REMARKS
Council Member Carmen N. De La Rosa's remarks on Intro 1050 and the taxi industry
0:24:40
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Council Member Carmen N. De La Rosa, the prime sponsor of Intro 1050, addresses the committee about the importance of the taxi and limousine industry to New York City's economy and identity. She explains the rationale behind the proposed legislation to lower insurance requirements for taxi drivers, highlighting the potential benefits and acknowledging the challenges facing the industry.
- De La Rosa emphasizes the significance of the taxi industry for immigrants and working-class New Yorkers, including her own family members.
- She discusses the potential impact of American Transit Insurance Company's instability on over 74,000 drivers.
- The council member argues that lowering insurance requirements will help create an equal standard across the state and potentially make the insurance market more accessible to additional carriers.
Carmen N. De La Rosa
0:24:40
Thank you, chair, and thank you, commissioner, for being here.
0:24:43
Good morning.
0:24:43
I'm council member Dela Rosa, prime sponsor of VINTRO ten fifty.
0:24:47
Thank you, chairs Brooks Powers, for convening this important discussion regarding the future of our for hire vehicles and the public for engaging civically on this matter.
0:24:56
The taxi and limousine industry has helped generations of New Yorkers and immigrants gain financial footing in our city.
0:25:03
My district in Northern Manhattan along with The Bronx are home to the majority of livery bases in the city, making today's discussion particularly important to my constituents.
0:25:13
This industry has put students through college and led to the opening of many small businesses bolstering our economy for decades.
0:25:20
My family, like many working class New Yorkers, includes several hardworking taxi drivers.
0:25:25
This industry is vital to the city's economy and identity, and we must do what we can to rebalance the rising cost keeping it running.
0:25:34
This crucial legislation arrives as American Transit Insurance Company, the city's leading insurer for taxis and ride share services, teeters on the brink brink of collapse, jeopardizing the livelihood of over 74,000 drivers representing over 60% of the city's driver.
0:25:51
By lowering insurance requirement, this bill will help avert some of the fallout from a a six insolvency.
0:25:58
The with the black car fund and heightened street regulations aimed at reducing collision, congestion, and speeding, and other traffic incidents, there are ample buffers to deal with claims.
0:26:09
Cab drivers also are more experienced drivers spending thousands of hours a year on the road with additional oversight from our commissioners.
0:26:18
Risking an accident means losing their livelihood.
0:26:21
By reducing the personal injury protection requirement from 200,000 to 50,000 to match the statewide requirement, we are creating an equal standard across the state, reducer reducing drivers out of pocket cost and making insurance the insurance market more accessible to additional carriers.
0:26:40
We don't want anyone to get hurt and have and not have coverage.
0:26:44
If we are seeing abuses in the system and fraud that has driven up costs and gone unaddressed for decades, then we also want to remedy that as lawmakers.
0:26:53
I acknowledge that this will not be a magic remedy to the serious issues plaguing the industry.
0:26:59
It is one tool in a toolbox that must include fixes from the state legislature and reinvestments in the industry from all partners.
0:27:07
New York City is famously associated with taxi cabs.
0:27:10
Today's conversation intends to stake to take stock on this industry that has significantly significantly changed since the insurance requirement was last raised, as you said, to 200,000 in 1998, as well as ensure the city's culture and economic icon is a strong strong standing to continue operating safe safely.
0:27:32
Thank you, chair, for the opportunity.