REMARKS
Overview of changes in the taxi and limousine industry
0:02:13
ยท
84 sec
Council Member Brooks-Powers provides an overview of the significant changes in the taxi and limousine industry over the past decade, highlighting the challenges faced by yellow cab drivers and medallion owners.
- The introduction of mobile app-based for-hire vehicles has dramatically changed the landscape
- There has been a rapid decline in taxi medallion values since 2014
- The increase in competition has led to decreased trips and revenue for yellow taxis
Selvena N. Brooks-Powers
0:02:13
The TLC created in 1971 including medallion taxi cabs for higher vehicles known as FHVs, commuter vans, and power transit vehicles.
0:02:25
Over the last decade, the landscape has dramatically changed with the introduction of mobile application based
Chris Banks
0:02:33
For hire.
Selvena N. Brooks-Powers
0:02:34
For hire vehicles in the city.
0:02:37
From 2011 to 2024, for high vehicles increased from 39,700 to approximately a 8,000, putting immense pressure on our yellow taxis.
0:02:49
App based FHBs and the emergence of new technology has increased competition for trips in the city, leading to a decrease in the number of medallion taxi trips in the city and revenue earned by drivers.
0:03:03
Since 2014, there has been a rapid decline in taxi medallion values from a peak of almost $1,000,000 to a median sales price of approximately a hundred and $20,000 as of September 2023.
0:03:19
The large decline in medallion values coupled with the decrease in total fares collected has continued to cause severe financial hardships for many taxi medallion owners.
0:03:32
As a result, many drivers, owners, and advocates have called on the city for help.