Less than half of those sales were foreclosures, a small improvement from previous months that were dominated by foreclosure sales. His total loan amount is $690,000. I borrowed money from my friends, relatives.. Once the Yellow cab has been hacked up and passes inspection, the Medallion # will appear on the TLC website as active, the meter will be turned on, and the yellow cab will be authorized to operate. I think probably the single most important factor is the fare increase. Get premium, high resolution news photos at Getty Images Request a Medallion Ownership Verification. Step 1: Sign up for a Legal Services Appointment with the TLC Owner/Driver Resource Center. The agency goal is for 50% of the yellow taxi fleet to be accessible by 2020. On October 18th, the workers decided to raise the stakes and launched a hunger strike in what seemed to be a game of chicken played by the TWA and the mayor. Our Spectrum News app is the most convenient way to get the stories that matter to you. He is a Bangladeshi immigrant who has been driving since 1986. The Bill of Rights consists of two posters: one poster relates to fleet drivers and the other to driver-owned-vehicle(DOV) drivers. New York City's yellow cabs may operate and function more like their ride-hailing app . David A. Constantino, Auctioneer Many cabbies who borrowed against their medallions when the values were high, have been unable to make their loan payments as ridership fell. Once seen as a valuable asset that secured a comfortable retirement, the medallions worth has plummeted, leaving the thousands of drivers who purchased a medallion in hundreds of thousands of dollars in debt, and financially ruined. With his business once flowing strong, by 2015 it had dried up to merely a trickle. The TLCs new commissioner, David Do, an experienced regulator who hails from the Washington, D.C. Department of For-Hire Vehicles, said during his May confirmation hearingthat helping more drivers access debt relief is a top priority for his administration. If the vehicle you are transferring is within its scheduled inspection cycle (meaning it has at least one (1) inspection left in its cycle), you will only have to pay fifty dollars ($50.00) for the transfer. Only serious buyer should email me to discuss price. WATCH: I rode with @NYTWA cabbie Richard Chow and ally to taxi workers @ZohranKMamdani to highlight the horrific medallion debt crisis and the need for better solutions from @NYCtaxi.Wanton lending and a lack of oversight created this crisis. 2023 NY Slip Op 30526(U) TAXI MEDALLION LOAN TRUST III v. . As of September, taxi medallions are a meager $80,000. Drivers say they could earn $30 or $40 an hour and make money leasing the medallion out to other drivers. 2023 All Rights Reserved, NYC is a trademark and service mark of the City of New York, TLC Vehicle Certification form, available here, Taxi Medallion Agent Designation Removal Form. A new class action lawsuit says a decade of negligence and corruption by New York City officials destroyed the value of yellow taxi medallions, and demands $2.5 billion in restitution. What theyre saying is, we bought cheap and we hope it will rise and it will rise. The value of medallions soared due to the Citys artificial inflation of medallion values to drive up revenue. Amir Khafagy is an award-winning New York City-based journalist. We started paying the loan with the credit card. One of those purchased medallions is on the hood on Collazo's cab. 2021-22 Skybox Metal Universe Neon Icon Connor McDavid SSP Auto 1:6,412 Packs. Today, Nitescu attends the protests alone. That crash is a direct result of the city's policies. What is medallion debt and why were taxi drivers on strike? But even with the extra hours and days, he wasnt able to keep up with his mounting loan payments and was forced into bankruptcy. Bankruptcy Auction United States Bankruptcy Court Eastern District of New York, In Re:R. Shimon Bar Yokhai Cab Corp. f/d/b/a Hakotel The Wailing Wall Cab Corp., f/d/b/a H Ep Kjvai Can Corp., f/d/b/a Tel Chai Trumpeldor Cab Corp., f/d/b/a Rishon Lezion Ffmids Cab Corp. f/d/b/a HPO Harav Kook 35 Cab Corp., f/d/b/a Ashamal Cab Corp., Sienna Rain Cab Corp., f/d/b/a Zfat Tiberias Cab Corp., f/d/b/a Red Sea Dead Sea Cab Corp Case #19-75324-REG. We want to send a message back that we are determined.. If the resolution data is not available by September 30, 2021, the resolution price will be set to the average unrestricted NYC medallion price for months January - July 2021. On average, cab drivers owed $600,000 medallion debt; a nearly impossible sum to pay back as they worked in a dying industry. vehicle technology on any public highway. Its a very simple ask when you think about it., Original reporting and incisive analysis, direct from the Guardian every morning, Mokbul Choudhury, 73, Bronx. The value of taxi medallions has steadily inched upward in the past year for the first time since Lyft, Uber and other e-hail companies flooded the citys streets with thousands of for-hire vehicles. City Environmental Quality Review (CEQR) is New York Citys process of implementing the New York State Environmental Quality Review Act, by which agencies of the City of New York review proposed discretionary actions to identify and disclose the potential effects those actions may have on the environment. Driving a New York City cab has been a vital path for immigrants, and their families, to make a decent living. In May 2021, medallions sold for an average of $79,105, with multiple individual sale prices sinking to an all-time low of $25,000 in August, according to TLC data. the document notes at the end of 2021, only . They foreclosed on it, so Im not making those payments, Tuncel said. You can re-hack on any taxi medallions. Marblegate specializes in buying distressed assets and the taxi industry certainly has been in distress. Marblegate has been trying to help drivers by suspending loan payments and forgiving $140 million in debts tied to 800 medallions. Traffic & Transit NYC Launches Taxi Medallion Relief Fund Taxi drivers stuck owing big on their medallions can get up to $20,000 in loans from the city but some say it falls far too short. Highly regulated, as of 2014, the City had limited the number of yellow cabs available to about 13,500. Please. TLC will connect you with a legal representative to review your medallion loan and financial needs. The city then makes $855 million off medallion sales, additionally implementing a 5 percent transfer. Since 2011, yellow taxi revenues have dropped by more than 30%. MD Muhammad Islam has a monthly payment of $4,000. Thus, in 2004 after seeing one of the ads promoting an upcoming medallion information session at a LaGuardia Airport hotel ballroom, he made sure to attend. She even said, Dorthy, if you lose your home, let it go. As of 2018, eight drivers have died by suicide. The broker said, I want to help you from my heart, but he was a big liar. The fliers read: Do you want to own a piece of New York?. Enter all required fields(*). And dont worry, we hate spam too! 8-27-21. For more information please visit the Mayors office of Environmental Coordination at NYC Mayor's Office of Environmental Coordination. A protest to restructure the medallion debt run by the NYTWA has garnered the support of progressive politicians including Senator Chuck Schumer, Congresswoman Alexandria Ocasio-Cortez, state senator Jabari Brisport, and state assemblyman Zohran Mamdani. The new plan from City Hall, called the Taxi Medallion Owner-Driver Relief Fund, will provide up to $29,000 in no-interest loans to each of the estimated 3,000 drivers who purchased their own . Once working 10 hour days and five days a week, Gyatso was forced to work 16 hour days and seven days a week to be able to make ends meet. Bidding Process:If a bid is placed with less than one minute remaining, the bidding period will be extended so one minute remains for competing bids to be entered. By controlling the supply, demand for owning a medallion soared among taxi drivers who bought into the citys promise that a medallion would bring them financial stability and a pathway to achieve the proverbial American dream. Please note the time between meeting with the TLC MRP Intake specialist and connecting with your legal services representative can take 2-3 months due to the demand for the program. Salazar quickly reasserted his intrinsic belief that the drivers will win despite his brief moment of melancholy reflection. Highly regulated, as of 2014, the City had limited the number of yellow cabs available to about 13,500. You choose your medallion over us. Under the new rules, all sellers and transferors must provide to the TLC a New York State UCC lien search, together with a lawsuit and judgment search for all counties in which the seller/transferor has been domiciled for the shorter of either five years prior to the transfer, or the period of actual ownership. The New York Taxi Workers. or more than a century, taxi drivers have transported busy New Yorkers to their jobs, to brunch, or home from a late night out. They stole from us.. Medallion owners with five or fewer medallions are eligible to apply, MRP Plus - Supplemental Loan Deficiency Guaranty (Option 2), To start the Medallion Relief Program Grant Application process, schedule a legal services appointment with TLCs Owner/Driver Resource Center to connect with a free legal services professional. According to the New York Taxi Workers Alliance (NYTWA), a union with 21,000 members, the average owner-driver owes $550,000 on medallions that are worth just over $100,000 apiece. Only 1500$ for 36 month can get you a medallion, pbimedsales@pearlandny.com - 718-361-0033 (ext. After suffering a stroke, he borrowed $750,000 against the medallion's value in 2014, signing away his right to fight back in court if he couldn't keep up with the payments. This market will resolve when the data is posted by the NYC Taxi and Limousine Commission at the resolution source. For questions, or to start a transfer call the TLC Medallion Transfer Specialist Daniel Fortilus at (212) 676-1167. You will then be directed to the scheduling page where you will enter your e-mail address and password. Pay outstanding TLC tickets and Taxicab Improvement SurchargePayments (TIF) online using LARS. If you are selling medallions (as opposed to corporate stock): If you are selling corporate stock or membership interests in an LLC: If you are an administrator or executor of an estate seeking to operate the medallion(s) until the estate is settled: Sellers must give notice of a transfer to a TSP Vendor. I saw a woman driving a cab. The City also manipulated public medallion price data. The conditions now do not warrant such large payments. Drivers . He even cut my sheets and said, Dont worry, well replace that, Nitescu said. Led outreach, promotion, and security aspects for the first Taxi Medallion Sale in the City of New York since 1937. In Re: Corsi Cab Corp., et al. Retirement March 2030. Medallions are renewed every two (2) years. Why help Uber and Lyft? We didnt come here to be rich. Beginning on September 19th, about 50 immigrant yellow cab drivers, camped outside the gilded gates of City Hall, in hopes that the City will accept the NYTWA plan. 2023, Charter Communications, all rights reserved. The value of a taxi medallion was more than $1.2 million . Tuncel wants his medallion returned, his loan restructured, and to get back to driving the public. I want to fix my life. Photograph: Ismail Ferdous/The Guardian, They stole from us: the New York taxi drivers mired in debt over medallions. Car & Truck Safety & Security Accessories, public hack driver New York City Taxi Medallion, 1969 New York City medallion taxi yellow cab photo Westinghouse vintage print ad, Antique Stockholm Taxi Cab rifle shooting club Mauser medal 3" x 2 1/2" Bronze, GERMANY 500 JAHRE POST FRANZ von TAXIS SILVER BIG MEDAL, Ford F250 F350 HC3C-1A096-HC Factory OEM Wheel Center Rim Cap Hub Cover 8 Lug OJ, Order Medal Badge Award + 3 Doc Ukraine Lviv Driver taxi cab Exc, VINTAGE 1949 ARGENTINIAN JUAN PERON & EVA PERON POLITIC TAXIS UNION MEDAL, Ordnance Combat Action Badge US Army CAB Military GOLD Medal Pin Hat Insignia, 1999 - 2006 CHEVY TRUCK 1500 SILVER 6 Lug Factory OEM Center Cap, Vtg Coin Medallion Cameo Charm Rope Hoop Dangle Red Cab Gold Tone Earrings, 266C1-3LN0A Nissan NV200 Taxi Medallion Lamp NEW OEM!! Unrestricted medallions for sale except for one. Click here to schedule an appointment at the TLC DMV office. The chart above shows monthly NYC taxi medallion prices for: a) corporate and b) individual medallions, based on data from the NYC Taxi and Limousine Commission. Medallion brokers often. The TLC will compile a list of all persons identified as a result of this directive. Lastly, the legal representative will submit all necessary documents to the TLC for your MRP application. He is currently a Report for America corps member with Documented. In this case, owners may default on their loan, and have the medallion repossessed by the bank.. Despite all the various actions, cab drivers pleas seemed to continue to go unanswered. If the price of medallions dropped significantly, it could force recent medallion buyers underwater, meaning the value of their outstanding loan is greater than the current selling price for a medallion, Roth wrote. The drastic move came. The mayor announced a $65 million grant relief program that allowed for $200,000 in debt forgiveness and a reduced monthly payment of $1,500 per month or less. Some succumbed to the intense financial pressure. Le Conte, once a maid and then a housekeeper supervisor at the Waldorf Astoria, entered the taxi industry after hearing about her friends positive experience with a medallion. After peaking at more than $1 million, medallion values plunged because of competition from Uber and Lyft. Vehicle modification letter if the vehicle is wheelchair accessible; DMV form MV-82 Vehicle Registration / Title Application; and EMV-50 form (completed by the seller, if vehicle purchased from a dealer), or the Bill of Sale and a DFT802 form (completed by the vehicle buyer if a casual sale); If new Medallion plates are required: FS-6 (motor vehicle receipt for the old plates), or a Notice of Violation from the NYPD or TLC, and $25.00 fee paid by Money Order, Visa, Master Card, AMEX, or Discover. Another factor likely boosting confidence in sale prices is the Medallion Loan Relief Program, which the de Blasio administration unveiled last year. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the Property, including without limitation, environmental and physical condition of the Property. Medallion for sale for 170,000, owned for 20 years, price below current value of 250k. The revised deal terms sets the value of taxi medallions held by Marblegate at a principal amount of $200k. After this step, you will be placed in the queue to be connected with a law firm that has been hired to provide you with free legal guidance and who will negotiate with your lender. TLC BEV Taxi Pilot program. In a statement, the firm says "Our approach is built on the idea that the driver should be the customer a radical departure from the status quo. Under state law, the TLC must verify that taxicab medallion buyers are current with their child support obligations. If you are assisting an eligible medallion owner, please ask them to use their TLC License Number, ZIP code, and the last five digits of their social security number or EIN, to sign up for a legal services appointment with the, If you need additional assistance, please email, If you were already assigned a legal services representative and need help contacting them, please email, If you are a TLC-Licensed Driver or own six or more medallions and need financial guidance, Schedule a financial counseling appointment with the. 2006 - 2023 Maltz Auctions. Date Posted: 02/28/2023: Taxi Type: Ford Transit Connect Acce: Mileage: 0: . A hefty sum but worth it given the lucrative trade in shuttling New Yorkers around the city's five boroughs. The current metered rate is $2.50 plus 50 cents for every one-fifth mile, along with surcharges depending on when and where a cab is traveling. His monthly payment was $3,250 but when his balloon expired, the bank raised the monthly payment to $3,800. For more than a century, taxi drivers have transported busy New Yorkers to their jobs, to brunch, or home from a late night out. Each subsequent re-inspection will have a charge of thirty-five dollars ($35.00). Leasing out a medallion was the de. The renewal year is the year the Medallion expires, and is printed on the Rate Card. The cost of yellow cab medallion, the permit to operate a taxi in New York City, had soared to $1.2 million in 2014, with figures like the late "Taxi King" Gene Friedman driving up their. Of the roughly 3,000 medallion owner who qualify for the programs, some 300 drivers have participated. Once no further bidding activity occurs, the sale closes when the time runs out. Used and out of cycle vehicles are vehicles that are not new and have had three (3) inspections completed in the past year. Your legal representative will schedule a time with you to go over your finances and discuss any legal concerns. The company ran until 1898 with up to 62 cabs operating until it was reformed by its financiers to form the Electric Vehicle Company. The commitment letter must: Approximately one to two weeks before the auction, the TLC will issue a directive (via both certified mail and Industry Notice) to all TLC-licensed brokers requiring such brokers to advise the TLC, by no later than the first date set for bid collection of the names of each owner, principal, shareholder, member, partner and employee of such broker at any time during the five years prior to the date of the first publication in the City Record of Notice of the Auction. City of New York. See listing for independent or corporate medallion. Learn More. Any commitment letter from any entity that does not include in its name bank: or credit union will be presumed not to be a licensed lender UNLESS evidence of licensure is included with the commitment letter. They stole everything from him.. Curb Chief Executive Amos Tamam said hes not surprised that medallion values are gradually inching upward, as the number of people hailing yellow cabs through his companys app has ballooned during the Covid-19 pandemic. in the city of New York. The Minimum Upset Price is the minimum amount that will be considered valid. Currently leased to a fleet operator for the past twenty years. Out of desperation, Nitescu and her husband began attending the NYTWA protests for loan reconstruction. Erhan Tuncels monthly payment is $3,800. The taxi medallion crisis has left New York City taxi drivers stuck with underwater loans amid a year-long pandemic that has sent decimated demand for cab rides, which were already dwindling because of ride-hail apps. After seven years of terrible suffering and loss, New Yorks taxi medallion crisis has finally come to an end, she said.We are enormously grateful to Mayor De Blasio for heeding taxi drivers call for meaningful debt relief. But in recent years all that has changed. Taxicabs are the only vehicles that have the right to pick up street-hailing and prearranged passengers anywhere in New York City. Get exclusive access to auctions and get up-to-the-minute updates on upcoming opportunities. His loan is for $373,000, with a monthly payment of $2,716. A twenty-five dollar ($25.00) late fee will be charged after a late renewal is completed. Dorina Nitescu moved to Flushing in 1983 from Romania. There are about 12,000 taxi medallions in use in New York, sold originally by the city but now traded mostly among taxi drivers and owners of taxi fleets. Serious buyers only, text or call for more info thanks. Perhaps most significant is the possibility of a fare increase. To prepare for the meeting with your legal representative, you can gather your loan documents, bank statements, tax returns for the past two years, and other debt documentation. Now, Marblegate hopes its bet pays off, too. Contact mr.singh 3479358490 But without his medallion, Tuncel cannot make a living. Taxis; . The results of these searches must be submitted to the TLC together with an affidavit regarding these searches, signed by both the buyer and seller. Most of the 65 medallions sold last month went for between $100,000 and $185,000. Once your appointment is scheduled, you will receive an appointment confirmation via email; you must bring the confirmation email to your appointment. Email: steve@cityworldauto.com. Our company and subsidiaries have the ability to engage everything in the New York City yellow taxi space. The City must guarantee all owner-drivers outstanding debt so that in the event of default, the City will cover any remaining balance on their loan, said TWA spokesman Matthew Thomas. 06/07/2019 Type: Independent Restriction: Alternative fuel 06/05/2019 . As of September, taxi medallions are a meager $80,000. The renewal year is the year the Medallion expires, and is printed on the Rate Card. Medallions #s1R70, 1R71, 1R66, 1R67, 1R62, 1R63, 1R68, 1R69, 1R64, 1R65, 2R12, 2R13, 2R16, 2R17, 2R20, 2R21, 2R18, 2R19, 2R14 and 2R15. Under the MRP, eligible medallion owners may apply for grants of up to $20,000 to be provided to their lenders as a down payment in restructuring their medallion-related loans. The TLC created the Taxi Improvement Fund (TIF) to support medallion owners and drivers who purchase and drive accessible yellow cabs. At their height in 2014, yellow cab medallions were selling for $1 million. This is pretty significant news, said former TLC Commissioner Matthew Daus, who is now president of the International Association of Transportation Regulators. The bill is modeled in part on the federal bailout of the financial industry and partly modeled on an existing capital access program overseen by Empire State Development. Once your account is created you will be allowed to login and schedule your appointment.Appointments are required for the following transactions at our LIC office: Step 1. Afterwards, prices dropped and many of those who bought medallions at high prices, are now paying debts that average ranging between $500,000 and $600,000 dollars. Turns out, he's driving for a private equity firm, Marblegate Asset Management, an investment firm in Greenwich, Connecticut, that has quietly emerged as the biggest player in the city's taxi industry. I have a brand new car, new technology, brand new tablet, brand new meter," Collazo said. The city's taxi medallion system limited the number of medallions issued, which created an artificial market and then that market was exploited to raise revenue. Here are some of their stories. In the same year, New York cab drivers along with hundreds of cab drivers for other states lead another caravan to our nations capital. Submit completed PDF document to medallionauction@tlc.nyc.gov by the date listed on your directive. Its hard to predict these days because theres a lot of elements, including Covid, but theres a lot of demand.. Vehicle Transfer is the process to change the vehicle attached to the Medallion. Sometimes only one time.. They say, Mom, we never see you. I spent hours working to bring food for my kids. The legal representative will also negotiate with your lender on your behalf in order to lower the amount you owe and reduce your monthly payments. Medallion-owning taxi drivers, or owner-drivers, who spoke to the Guardian say its another injustice imposed upon them by the city. The renewal must be completed by the Medallion's expiration date of May 30th of the renewal year. "I said, if I'm gonna do this, I'm gonna compete with Uber in my own way. www.kawguy.com Z1 KZ KZ1000 KZ900 H2 750 H1 500 PAYING CASH TLC recordsreveal that 94 medallions were foreclosed on in January, 87 in December and 72 in November. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. After two years of sustained protests, NYTWA felt pushed to take more radical measures. NEW YORK When Ranel Collazo wanted to drive a cab, after 17 years behind a desk at a livery car company, he picked Queens Medallion Leasing. ), which began running 12 electric hansom cabs in July 1897. The agency has yet to put forward a specific proposal, but the Taxi Workers Alliance is pushing for an increase of between $1.50 and $2 to ensure drivers can earn $25 per hour after expenses. Dorthy LeConte has a medallion debt of $558,000 but said her broker raised it to over $600,000 after learning the city would restructure taxi payment plans. Buyers must also notify the TLC of their plans for the TSP system. I tried to negotiate with the banks but they are not negotiating with me, Islam said. Your legal representative will review your finances and advise you on the best option for you. Through the program, medallion owners could receive up to $20,000 in up-front loans to restructure . We believe this fresh perspective will boost drivers economic futures and help ensure that the taxi industry remains central in the lives of New Yorkers for many years to come.. During the hack-up inspection, TLC will install the Medallion on the vehicle, and will ensure all equipment works correctly and meets TLC regulations. The renewal fee of eleven hundred dollars ($1,100.00) is not currently being charged. 2023 All Rights Reserved, NYC is a trademark and service mark of the City of New York, NYC Mayor's Office of Environmental Coordination, Draft Impact Statement Public Hearing PowerPoint Presentation, March 25, 2014 Minifleet Accessible Medallion Results, February 26, 2014 Independent Accessible Medallion Results, November 14, 2013 Minifleet Accessible Medallion Results, May 2, 2008 Minifleet Accessible Medallion Results, May 2, 2008 Independent Accessible Medallion Results, May 2, 2008 Independent Alternative Fuel Medallion Results, November 2007 Independent Accessible Medallion Results, June 2006 Minifleet Alternative Fuel Medallion Results, June 2006 Independent Alternative Fuel Medallion Results, June 2006 Minifleet Accessible Medallion Results, October 2004 Independent & Minifleet Alternative Fuel Medallion Results, October 2004 Independent & Minifleet Accessible Medallion Results, October 2004 Independent Unrestricted Medallion Results, October 2004 Minifleet Unrestricted Medallion Results, April 2004 Independent Unrestricted Medallion Results, April 2004 Minifleet Unrestricted Medallion Results, Auction Application for Taxicab Owners License, 26 February 2014 - TLC Auctions 168 Wheelchair-Accessible Individual Taxicab Medallions. But since the proliferation of Uber, Lyft, and other rideshare apps beginning in 2011, the medallion value has plummeted. Taxi Medallion Owner Relief Program The Medallion Relief Program (MRP) and Loan Guaranty Program (MRP+) provide debt relief for eligible medallion owners. Where can I get help? Im in the last part of my life. . My husband even made all the nice signs from the bedroom. I have loans with two banks. Receive a roundup of all immigration news, and the latest policy news, in New York, nationwide, and from Washington, in your inbox 3x per week. New York City yellow taxi Medallion listing, Buy and sale NYC Medallions. Insurance Certificate - Current For-Hire Insurance Certificate (FH-1) in renewal applicants name. The precise rules of that deal remain to be seen, however. NYC TAXI MEDALLION CLOCK (NEW) Brand New $39.00 sharps1000 (1,138) 100% or Best Offer +$8.67 shipping Sponsored 1969 New York City medallion taxi yellow cab photo Westinghouse vintage print ad $29.97 $10 off every $50 Was: $37.00 19% off Top Rated Plus or Best Offer 237 (135,719) 100% Free shipping Free returns Sponsored In the first quarter of 2021, that growth happened faster than at Uber and Lyftlikely fueled by cheaper yellow-cab prices. C $1,359.24. Courtesy of Singh Campaign Transit insiders also say theyre optimistic that Ubers once-unthinkable partnership with Arro and Curb, the citys yellow-cab apps, to list taxis on its platform could be a boost for cabbies struggling to pick up fares. If I file bankruptcy, it will take seven years to clear. If you are interested in using a broker, please visit the TLC licensed Medallion Broker list for a complete list of licensed brokers.To learn about the TLC/DCWP/DOF investigation of broker practices, review the list of recommendations, as well as the list of broker rule violations, please visit the Broker Enforcement page. Many of the protestors are members of the New York Taxi Workers Alliance, and wear shirts and carry signs with the union's logo. For the cabbies celebrating, the mayors announcement, as well as the overwhelming public support they received, served as a vindication of their decades-long struggle for survival. This is what I believe., NYC Yellow Taxi Medallion Crisis, Explained. He identifies taxi medallions as a way to make revenue for the city.