NYC Medallion Bailout Plan
Matthew Daus was quoted in an article published by Crain’s New York Business entitled "Taxi-medallion task force to recommend rule changes, rescue plans”. A City Council task force in place to address the taxi-medallion loan crisis is set to recommend establishing an app to make yellow cabs more competitive with Uber and Lyft. They are also tasked with introducing flexible pricing and rescuing medallion owners who can’t meet their loan payments.
As it relates to the proposed rescue plan, Matt added “There needs to be a case-by-case analysis.” One focus of the rescue should be on owners that bought medallions at city auctions held in 2013 and 2014. “A rescue plan is a good idea, but there are a lot of questions about how it will work.”