Finally: New York City Council approves a taxi aid plan
The declared meeting of the New York City Council on Thursday will go to a vote to pass three bills that are expected to give some relief to New York taxi drivers and medallion (license) holders who have serious debt difficulties. when fighting predatory loans.
The taxi sector was fighting for this before the pandemic, as 2018 saw an increase in the number of taxi driver suicides linked to outstanding debt and the COVID-19 pandemic has not been kinder to them, already that license prices have fallen sharply and profits have plummeted.
As part of the aid package, the city council will create a Financial Stability Office within the Taxi and Limousine Commission (TLC) that will evaluate the sector and monitor the income and expenses of license owners, loan terms and the market manipulation.
“We cannot allow TLC to auction off medallions at speculative prices or approve license transfers in this way,” said the bill’s sponsor, Council Member Richie Torres.
“This bill will create a new office that will have the legal obligation to oversee and regulate the financial stability of the medallion market. We must make sure that taxi drivers are not drawn into another financial crisis caused by a bubble and predatory lenders.
In t. No. 1584-A by Councilmember Adrienne Adams would require applicants for a taxi license to disclose financial reports on income and guaranteed loans, as well as any other interest the person filing the disclosure has in any taxi, livery, or vehicle of rental.
“Unfortunately, New York City taxi drivers were sold on the American dream that not only failed to materialize, but placed them in serious financial debt,” Adams said.
“Taxi drivers desperately need help and Introduction 1584 will be a step towards transparency and an end to predatory behavior. As a city, we must do everything possible to end the suffering of taxi drivers. “
These two bills would go into effect 120 days after being approved by Mayor Bill de Blasio.
The third bill, introduced by Councilmember Ydanis Rodríguez, would require TLC to take into account the character, honesty and integrity of brokers, agents and licensees when they apply for a new license or renew an old one.
The TLC may, in the future, reject an application if it is determined that the person lacks these qualities by taking into account any previous fraudulent, deceptive or illegal acts while relating to the commission in the course of obtaining a license.
“We saw what happened when taxi brokers, taxi agents and licensees were left to their sole discretion. They took advantage of vulnerable and mostly immigrants New Yorkers who were trying to earn an honest living, ”Rodríguez said.
“With this bill, any taxi broker, agent and licensee who violates the rules and regulations prescribed by TLC on this matter will face serious consequences, including the denial or cancellation of their license.”
This bill will go into effect 180 days after its promulgation.
Finally: New York City Council approves a taxi aid plan
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