The New York City Taxi & Limousine Commission (TLC) has published the 2021, 2022 and 2023 annual reports of the Office of Financial Stability (OFS), which contains an assessment of, and recommendations regarding, the financial stability of the taxicab industry. Starting in November 2021 and each year thereafter, the OFS was established to assess and create recommendations using key data points, with the “goals of strengthening and supporting medallion owners and drivers.”
According to the TLC’s report, $330+ million of debt relief for more than 1,500 medallion owners (who own six or fewer taxi medallions) was delivered by Dec. 2022. Based on recent TLC testimony to City Council, the debt relief figure is now over $440 million, representing 1,800+ owners and 2,200+ medallions.
Before the pandemic, in February 2020, there were 11,427 active medallions out of a total of 13,587 medallions issued. Those 11,427 medallions were servicing 6.3 million trips per month in February 2020. As of October 2023, 8,826 active medallions are servicing 3.5 million monthly trips.
The TLC’s 2023 Annual Report “proved highly eventful and productive for TLC and the for-hire vehicle industry as a whole,” noted TLC Chair, David Do. “While continuing to make progress on the post-pandemic recovery, TLC was also able to launch numerous key policies and initiatives designed to improve the long-term health of both our city and every sector of the industry. Medallion owners continued to benefit from the Medallion Relief Program Plus (MRP+) [in 2023], as TLC expanded eligibility requirements to include owners with as many as six medallions. Along with existing efforts, this resulted in an additional $100 million in essential relief, bringing the program’s total to $452 million in debt reduction for the owners of 2,293 medallions.”
The report also included details about the TLC’s Mobile Outreach Unit, Van Hailin’, which allows licensees to address TLC-related business without venturing to Long Island City; TLC’s ongoing accessibility efforts; a new storage program for FHV drivers; initiatives to increase data transparency; and the Green Rides Initiative.
Source: NYC TLC
