🔊 NYC TLC Hearing On Yellow Taxi Industry - Quick Summary 🚖
Quick summary of NYC TLC hearing focused on NYC yellow taxi industry. NYTWA leader makes case for full-timers and "nothing less than $25 per hour after expenses"
📽️ Click here for a recording of TODAY’S hearing
⚠️ Don't forget tomorrow's 10am hearing on the non-yellow cab NYC for-hire industry. If you go to the NYC TLC homepage, you will find a link to the hearings (Vimeo livestream). If you have difficulty finding the link, don't hesitate to reach out at info@automarketplace.com ⚠️
AutoMarketplace NYC is written by Dawood Mian, Founder of AutoMarketplace. Dawood covers the NYC for-hire transportation industry and general automotive-mobility news.
Check out AutoMarketplace on YouTube ▶️ & TikTok ♪
On Day 1, focused on the yellow cab industry, of 2 days of NYC Taxi & Limousine Commission (TLC) hearings on the for-hire transportation industry, there were some common themes. I (Dawood Mian) not only testified (each speaker was given two minutes, so we had to make it specific and short). Below is our short ~2 to 3 minute summary of today’s TLC hearing below, we note some common themes and notable statements for those who couldn't attend.
“…what we need is to reset the economics in this industry to protect full-time jobs, so that every single driver can take home, after expenses, $25 per hour; nothing less than $25 per hour…” - New York Taxi Workers Alliance (NYTWA) leader Bhairavi Desai
⏱️Quick Summary
Influential New York Taxi Workers Alliance (NYTWA) leader Bhairavi Desai gave testimony stating (⏰ 21:05 in recording)
“…[there] was an attempt to destroy full-time driving as a job…”
“…what we need is to reset the economics in this industry to protect full-time jobs, so that every single driver can take home, after expenses, $25 per hour; nothing less than $25 per hour…”
The impact of INFLATION ⛽ was a common theme among medallion owners and drivers - general consensus that taximeter rates needed to increase
Several people mentioned that rules and regulations around vehicle age limits and wheelchair accessible (WAV) goals should temporarily be suspended or amended, so yellow cabs can be put back on the road quicker (currently it is estimated that over 5,000 NYC yellow medallion taxis are still out of service)
Source: NYC Taxi & Limousine Commission NYTWA-affiliated drivers and representation dominated the hearing (multiple NYTWA staff attorneys testified). A proposal to revise lease caps DOWNWARDS 🤔 (⏰ 53:35 in recording) was put forward for example
We believe a downward lease cap revision would negatively impact yellow cab medallion values (I made this point in my testimony, as I do not think the goal of the NYTWA is to negatively impact medallion values, especially after the recent debt restructuring / relief wins)
It was mentioned that the yellow cab industry has shifted from a double shift, two driver 🙋🙋 per medallion taxi 🚕 dynamic to a single shift, 🙋 one driver per medallion taxi 🚕 dynamic. This was given as the reason to revise lease caps lower. I conceptually understand this argument. However, based on our analysis, yellow cab leasing rates remain well below caps (i.e., market dynamics are working currently). Permanently revising lease caps lower would, in our opinion, have a hugely negative impact on medallion values 📉📉
NYTWA is an influential organization in the NYC FHV industry and most NYC TLC drivers, even if they drive for Uber, Lyft or other for-hire services, should take note of their proposals & opinions (even if you disagree with them). This meeting made it clear to me that they have a lot of clout in the industry.
💡 Other specifically noteworthy / differentiated commentary:
Eugene Salomon, a NYC taxi driver since 1977, who blogs at Cabs are for Kissing, suggested NYC Taxi TVs be put on mute (as a default) and have silent text on the screen (as a default) to improve the driver experience. In addition, he also believes it distracts the driver and goes against Vision Zero goals (⏰34:45 in recording)
Edward [Machia], a Green Cab WAV owner & operator, made the point that there were too many Uber / Lyft cars to compete with and that he was forced to work for the Apps given their dominant position. He implied that his earnings had suffered due to lack of idling time compensation (⏰46:26 in recording)
You might not agree with everything we write in this newsletter, but we think it's very important to attend these hearings to make sure your voice is heard, or at the very least to remain informed. 📞 Please make sure to dial into tomorrow's hearing at 10am!
As always, feel free to reach out at info@automarketplace.com
AutoMarketplace NYC is written by Dawood Mian, Founder of AutoMarketplace. Dawood covers the NYC for-hire transportation industry and general automotive-mobility news.
Check out AutoMarketplace on YouTube ▶️ & TikTok ♪
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