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NYC TLC Releases 2022 Taxi Strategic Plan
Official TLC report suggests several initiatives that seek to stabilize not only the NYC yellow cab (taxi medallion) market, but the overall NYC for-hire transportation industry
AutoMarketplace NYC covers the for-hire transportation industry and automotive news. Check out AutoMarketplace on YouTube ▶️
The NYC Taxi & Limousine Commission (TLC) recently released its Taxi Strategic Plan. The report lays out 40 specific initiatives, grouped into 11 sections that set out the taxi regulator’s thinking around the future of the NYC yellow cab industry (& the broader for-hire transportation industry). We suggest reading the report it in its entirety, it’s only about 15 pages of reading. In this piece, we wanted to quickly overview the report.
Click here to access full report
What's clear, especially when you combine the report with other industry news and announcements, is a "new normal" is taking shape. The recent announcement relating to Uber partnering with Curb & CMT to enable yellow cab e-hails is a perfect example of this (see our two part piece on that announcement for more details).
The new normal seeks to modernize the NYC yellow cab industry by enabling many features that ridehailing apps brought to the market. The report makes several recommendations around yellow cabs upgrading their technology / software systems to better enable e-hailing features, including shared trips! From reassessing the benefit of in-vehicle advertising (“Taxi TV”), to enabling taxi driver ratings & flexible fares (taxi “surge pricing”) and even allowing people to share a NYC yellow taxi, the TLC wants to modernize the yellow cab industry’s capabilities and overall passenger/ driver experience. For example, the TLC recognizes shared trips as a sort of new public transport alternative demanded by younger generations, which the yellow cab industry hasn’t capitalized on.
We highlight some relevant commentary below 👇
Other initiatives relate to the TLC wanting to standardize regulations across for-hire transportation vehicle / service classes (i.e., ‘Yellow Taxi’ & ‘High Volume For Hire Services (HVFHS)’). From inspection requirements to how fares are calculated (including congestion pricing exemptions), the TLC wants to adopt a more streamlined approach between taxis and app-based services. In addition, as we've discussed in other pieces, the supply of for-hire vehicle licenses (aka TLC plates) is likely to be strictly regulated to ensure a healthy taxi medallion market and values.
We highlight some relevant commentary below related to this point as well 👇
Electrification (EVs) and wheelchair accessibility (WAV) goals were reaffirmed, even autonomous vehicle (AV) technology was discussed! Initiatives related to addressing the health, financial welfare and administrative burden of TLC drivers were also written about.
Some interesting data points were also shared about the NYC taxi industry highlighting its Manhattan-centric trip demand and even what the average age of a taxi driver is (53) 🤔, with 19 NYC taxi drivers being 81+!
We list the initiatives summary below from the report.
Click here to access full report
Summary of TLC Taxi Initiatives
Let us know what you think about the report in the comments below or by emailing us at info@automarketplace.com
AutoMarketplace NYC covers the for-hire transportation industry and automotive news. Check out AutoMarketplace on YouTube ▶️