This month, New York City officials took dramatic steps to help ease the financial plight of taxi drivers who are facing crushing debt after getting into the business—steps that are important to help out an industry that provides the foundation upon which a city’s economy can grow, says Ted Landsmark, who is a Distinguished Professor of Public Policy and Urban Affairs at Northeastern.
A series of bills passed by members of the New York City Council will address the financial crisis that has emerged in the last two decades for people purchasing city permits—known as medallions—that allow a driver to own a yellow cab instead of working for someone else.
The bills will examine the city’s role in creating a lending crisis, while two measures announced by New York Mayor Bill De Blasio would eliminate as much as $10 million in fees to medallion owners and extend a moratorium on adding new Uber and Lyft vehicles to the city.
