The NYC Taxi & Limousine Commission (TLC) will hold a Zoom-only public hearing tomorrow, Thursday, October 10th, related to proposed rules that mandate all new taxi medallion hack-ups and re-hacks be attached to a wheelchair accessible vehicle (WAV). This public hearing comes after a federal judge recently affirmed a previous 2014 ruling that mandates 50% of yellow cabs be WAVs.
Next week on Wednesday, October 16th, the TLC has confirmed it will hold a Board of Commissioners meeting to waive the typical 30 day period after new rules are proposed and vote on the new WAV mandate-related regulations that will redefine the taxi medallion market. To be fair, the TLC is likely in a rush to pass new rules to comply with the court order, but it’s unclear why the regulator needs to act less than a week after the first public hearing on the matter.
In today’s video, AutoMarketplace’s Dawood Mian explains why this development is such a big deal for the NYC taxi medallion (yellow cab) industry, which has only just begun to recover from an existential crisis that started shortly after the original 2014 50% WAV mandate ruling.
Also available on YouTube ⬇️
TABLE OF CONTENTS
0:00 Intro / TLC Public Hearing (Oct 10th), TLC Vote (Oct 16th) 5:39 50% Yellow Cab WAV Mandate 8:30 How many NYC WAV taxi are there right now? 11:50 NYC Taxi Medallion 101 (Selected vs. Non-Selected?) 17:13 Taxi Improvement Fund (TIF) Payments 23:33 Taxi Medallion Valuation Impact? 30:09 How long will it take to reach 50% WAV threshold? 34:23 Re-hacking concerns
NYC’s 50% WAV Mandate Is Shaking Up The Taxi Medallion Market