⚖️ TLC Plates & FHV Lease Caps

Given FHV License Pause (a/k/a TLC Plate Cap), the Taxi & Limousine Commission must institute "lease caps" in NYC FHV market. Preexisting medallion lease caps rules should guide new regulations

The FHV License Pause (a/k/a TLC Plate Cap) is a popular topic in the NYC for-hire transportation industry. Many who have claim to their own FHV License (TLC Plate) believe they now own a taxi “medallion-like” asset. Those that do not, are upset they are beholden to leasing companies (OR other drivers who control their own FHV License).

Before we continue, let’s clarify the status quo:

1. An FHV License (TLC Plate) IS NOT transferable. It’s either attached to an individual’s name or a business entity (Employer Identification Number (EIN) is a business tax ID). Anybody who claims they can sell you “their TLC Plate”…is lying 🤥.

2. An FHV License attached to an individual’s name CANNOT be transferred to a business entity. Anybody who claims they can do this…is lying 🤥.

3. TLC Plates attached to a business entity CAN ✅ effectively be sold through selling ownership in the entity. Note, in this transaction one is ACQUIRING A BUSINESS and all of its associated assets & liabilities 🏦 (e.g., outstanding…