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I have questions about my finances. Every taxicab vehicle hack-up must be inspected at the TLCs Woodside inspection facility, located at 24-55 BQE West, Woodside, NY 11377. Insurance Certificate - Current For-Hire Insurance Certificate (FH-1) in renewal applicants name. All prospective bidders are urged to conduct their own due diligence prior to participating in the Public Auction. 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. She pays $2,000 a month on the loan.. 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. How do I connect with my legal services representative? Driving a New York City cab has been a vital path for immigrants, and their families, to make a decent living. $170k of that figure will become a 20-year loan with the remaining $30k covered by a . 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. Please. New York State's attorney general has accused New York City of committing fraud by significantly inflating the value of yellow taxi medallions and demanded $810 million from the city to compensate the thousands of cabdrivers who are now saddled with debt. For decades, taxi medallions were a sure bet. All prospective bidders areurgedto conduct their own due diligence prior to submitting an offer. In April 2022, reported medallion sales prices averaged $144,490.74, which represents a 77% increase in prices from July 2021. As he describes it, the ballroom was packed with over 100 interested cab drivers, all eager to learn as much as they could. Unlike taxi drivers, the drivers of these companies are not beholden to strict rules and regulations. Financing Available.