The NYC Taxi Medallion: History, Crash and Relief

In short: The NYC taxi medallion was born in 1937, when the Haas Act froze taxi licenses at 13,500. Because the number stayed almost fixed for decades, the medallion became a valuable asset: TLC's own sale records show independent medallions selling for $800,000–$850,000 in late 2014. Prices then collapsed. Regular sales hit a median of about $85,000 in 2021, and many owners were left with loans far bigger than their medallion's value. The City answered with the Office of Financial Stability (2020) and the Medallion Relief Program (2021), which TLC says provided over $476 million in debt relief. Today a medallion sells for about $105,000 in a regular sale, and every new taxi on it must be wheelchair accessible.

This is the medallion's own story, told with TLC's figures. For the wider industry (green cabs, apps, congestion pricing) see the history of the NYC taxi industry.

The numbers at a glance

1937–2014: a fixed supply

The medallion is "a physical object placed on yellow taxis that conveys the exclusive right to do street hails throughout New York City", TLC told City Council in 2017 (testimony). The Haas Act of 1937 was passed "to address an overabundance of taxicabs on the street". It froze licenses at the 13,500 then in use and set the split of corporate to independent medallions at 58 to 42. Corporate medallions were owned in groups by companies; an independent owner could own only one.

The number didn't stay at 13,500. It dropped to 11,787 in the 1940s. Between 1996 and 2014, TLC held several auctions, adding hundreds of medallions; some were alternative-fuel medallions and some accessible-only. By 2017 there were 13,587, the same number TLC's Office of Financial Stability reported for 2024.

With supply fixed and taxi demand high, prices climbed. The oldest sheets in TLC's current transfer workbook show independent medallions selling for about $670,000–$710,000 in late 2011 and early 2012, and $800,000–$850,000 in November–December 2014.

The crash

By 2016 independent sales in the sheets ranged from $325,000 to $600,000; by 2018 a regular sale's median was about $171,000; and in 2021 it bottomed out at about $85,000. TLC's sheets don't say why prices fell, and we don't add causes the records don't show. What the official record does show is the industry around it changing fast: yellow taxi trips fell from 487,929 a day in 2012 to 230,691 in 2019 while app trips grew past them in 2017 (industry history).

2017: City Council looks at the rules

In February 2017, as prices fell, City Council considered two bills to make medallions easier to sell. TLC's testimony gives a snapshot of the debate:

• Transfer tax. Intro 1474 would cut the City tax on each medallion transfer from 5% to 0.5%. TLC's example: on a $500,000 sale the 5% tax was $25,000. TLC supported the cut but opposed making it temporary.
• The 58:42 ratio. TLC supported repealing the corporate/independent ratio, saying the distinction "no longer serves its original purpose".
• Non-use revocation. Admin Code §19-504 required revoking a medallion after 60 consecutive days of non-use. TLC opposed making that optional or exempting foreclosures, calling the rule "a powerful tool" to keep taxis in service.

This page doesn't track what became of each bill; check current law before relying on any of these figures. The 60-day non-use warning still appears on TLC's medallion storage form today (medallion storage).

Debt, foreclosures and broker practices

Owners who bought or refinanced near the peak carried loans sized to those prices. TLC itself describes the relief program as support for "small business medallion owners with significant debt" (2025 Annual Report). Foreclosures became routine: TLC's monthly sheets mark 80% of priced unrestricted sales in 2019 as "Foreclosure", and 69% in 2025. OFS still counted 368 foreclosures in 2024 (OFS 2024).

In July 2019, TLC, the Department of Consumer and Worker Protection and the Department of Finance finished a 45-day investigation into medallion broker practices. It found violations of existing broker rules and led to rule changes "to ensure brokers act in the interest of their clients and provide greater transparency during medallion transfers" (Broker Enforcement). New broker rules followed in February 2020, and TLC publishes a list of enforcement actions against brokers.

The City's response

The Office of Financial Stability watches for "potential market manipulation, speculation, or collusion", bankruptcies and loan terms, and collects owners' yearly finances (how to file). The Medallion Relief Program required lenders to cut principal and monthly payments before the City's grant was paid; OFS reports an average forgiveness of $232,000 per small-business owner. Details: the Medallion Relief Program explained.

Today: an accessible fleet

Accessibility has a long history of its own. In December 2013 TLC reached an agreement with disability rights organizations to phase in accessible medallion taxis so that half would be accessible by 2020; independent owners were entered into a lottery that set when they had to switch (2017 testimony). The 2024 court order replaced that phase-in with an all-accessible hack-up rule.

The newest chapter is about the cars. In August 2024 a court ordered that every taxi hack-up be wheelchair accessible, with 50% of active medallions accessible by March 31, 2025 and 50% of all authorized medallions by December 31, 2028 (TIF report). TLC reported over 6,000 accessible taxis at the end of 2025, 56% of those on the road. Owners get help through the Taxi Improvement Fund and the ATLAS loan pilot; see can my taxi be a non-accessible car?

What history means for owners and buyers now

• Price is a market, not a promise. TLC requires buyers to sign an affidavit that they don't rely on TLC for value. See medallion price history and what a medallion is worth today.
• Relief is closed; help isn't. Free legal services continue for owners of six or fewer medallions (O/DRC FAQ). See is the Medallion Relief Program still open?
• Loans need care. Of 128 broker-arranged loans in 2024, 110 included a confession of judgment (OFS). Read buying a medallion before borrowing.

Crash data for taxis on the road is a different subject: see TLC crash statistics and accident reporting. Definitions: Medallion Relief Program. More on the medallions hub.