Q&A
Current medallion values and TLC's role in the market
0:27:36
ยท
4 min
Council Member Brooks-Powers inquires about current medallion values and the TLC's role in the market. Commissioner David Do provides information on recent medallion transfer prices and explains that the TLC does not directly influence or forecast medallion values.
- Current medallion values range from $90,000 to $200,000
- TLC does not forecast or influence medallion values directly
- There were 777 medallion transfers in 2023 and 1,003 in 2024
Selvena N. Brooks-Powers
0:27:36
Thank you.
0:27:38
Thank you, commissioner, for your testimony.
0:27:40
I'm gonna start with the medallion values.
0:27:43
In a previous 2023 hearing with the TLC, TLC stated that the current medallion value as of 10/13/2023 was transacting at $200,000.
0:27:57
Resale on defaulted medallions sold for about a hundred and $70,000.
0:28:02
What is the current value of the medallion?
David Do
0:28:08
So the TLC does not keep track of medallion values, but we keep track of transfers of medallions in the private marketplace.
0:28:17
I think when in 2023 we last, had the discussion, I gave a range, and that current range is between 90,000 and 200,000, consistent with what you just said, council member.
Selvena N. Brooks-Powers
0:28:31
Do you have an idea of what the current resale on a defaulted medallion is?
David Do
0:28:37
So on average, it's about, 130 so from the MRP plus program, I think that's what, the question is.
0:28:45
It was between a hundred and 35,000 on average, and as high as a hundred and 70,000 depending on what type of medallion or excuse me, depending on, whose medallion it is, what, lender, is
Matthew Daus
0:28:59
providing financing for that medallion or not.
David Do
0:28:59
Cash versus, a bank back.
0:29:05
Back medallion.
Selvena N. Brooks-Powers
0:29:07
How many medallions have been exchanged in fiscal year twenty four, and how was that number compared in previous years?
David Do
0:29:14
Yeah.
0:29:15
So, what is important to know is that most of our data, is on our website.
0:29:22
We have we publish that data on a monthly basis, and we show that transfer, anywhere, from 20 on up, per month.
0:29:34
But Cheryl can provide, a little bit more about how many medallions have been transferred, over the last, year or so.
Sherryl Eluto
0:29:47
I don't have that right in front of me, but it's true everything is on our website, and it's very transparent.
Selvena N. Brooks-Powers
0:29:54
So that means you guys can look it up while we're here and let's We
David Do
0:29:57
can look it up.
Selvena N. Brooks-Powers
0:29:57
Yeah.
0:29:58
Thank you.
David Do
0:30:00
Do I think we have it.
Selvena N. Brooks-Powers
0:30:01
Okay.
0:30:02
Each 21.
0:30:03
Does the TLC forecast medallion values?
0:30:06
I guess you said I know you don't really track them, but do you forecast them at least?
Sherryl Eluto
0:30:11
We do not forecast.
0:30:12
No.
David Do
0:30:14
So council member, again, you know, based on the sensitivities around the medallion crisis, about six years ago, you know, TLC, does not have, in its practice to forecast or say what medallion value should be.
0:30:33
Really, our job has been to support a healthy stability of the overall market, and that's why we introduced the MRP Plus, and, and the MRP programs, that provided debt relief to, a variety of, owners of medallions.
0:30:55
Okay.
0:30:55
So, over so just to go back to your question on transfers, in calendar year 2023, there were 777 transfers of medallions, and in calendar year '24, there was 1,003.
Selvena N. Brooks-Powers
0:31:17
Thank you for that.
0:31:19
How does TLC work to ensure that medallion values increase?
0:31:23
Does deal does TLC have any direct role in this?
David Do
0:31:26
Yeah.
0:31:26
Again, we that is a place for the private market.
0:31:31
We don't own medallions.
0:31:33
We don't, look at, medallion values, but we provide a certain sustainability with, overall the market.
0:31:41
We evaluate the market, look at meter rates, see if they are consistent with the current market.
0:31:48
But in terms of medallion values themselves, the TLC does not play a particular part in that.