Medallion Transfers, Foreclosures & Storage: OFS Data

In short: In 2024, 936 NYC taxi medallions changed owners in 811 transactions, and lenders foreclosed on 368 of them, according to TLC's Office of Financial Stability (OFS). The number of medallions sitting in storage fell from 4,298 in January 2024 to 3,885 in December. Owners reported 7 new bankruptcy filings. Meanwhile 10,870 medallion taxis completed at least one trip in 2024.

OFS publishes these numbers once a year; the 2024 report is the latest on TLC's site (reports are due November 1 for the prior year). This page puts its tables into charts and adds today's live inactive-medallion list.

The numbers at a glance

Transfers and foreclosures, 2022–2024

What this shows:

• The market is active but thin. About 7% of the 13,587 licensed medallions changed hands in 2024 (936 ÷ 13,587, our arithmetic).
• Foreclosures are a big part of it. OFS doesn't say how many of the 936 transfers were foreclosure sales. TLC's monthly price sheets mark each sale; in our count, half of 2024's priced unrestricted sales were marked "Foreclosure" and 69% in 2025. See the medallion price history.
• 2022 was the busiest year of the three, the first full year after the Medallion Relief Program began restructuring loans.

Storage and inactive medallions

OFS says storage dropped 11% during 2024: from 4,298 medallions in January to 3,885 at year end. A medallion in storage can't work; TLC's storage form warns that 60 consecutive days of non-use can lead to revocation proceedings unless the owner shows causes beyond their control. How storage works: putting a medallion in storage.

TLC also publishes a daily list of medallion vehicle records it marks inactive (suspended), with a reason code. Storage is only one cause:

Compare that with the 10,236 vehicles currently authorized on a medallion:

How these counts fit together (licensed vs authorized vs actually driving): how many yellow taxis are in NYC?

Bankruptcy filings

Medallion owners told TLC of 7 new bankruptcy filings in 2024, and 11 filings on TLC's records were discharged or dismissed that year (OFS 2024). OFS gives no earlier yearly counts in this report.

Brokers, agents and loans

Broker use is falling: medallions in broker-facilitated transfers fell from 720 in 2023 to 555 in 2024. OFS calls this a 30% drop; by our arithmetic it is about 23%. Using a broker is optional. Of the transfers brokers handled in 2024 that included financing, OFS counted 128 loans arranged by a broker, 110 with a confession of judgment, and none with interest-only payments.

Taxi business in 2024

OFS also reports the taxi side: 41,169,638 trips and $965,887,028 in farebox revenue in 2024, with an average farebox of $48,698 per driver (OFS calculates this from fare + tips + extras such as rush-hour and overnight surcharges). Trips were up 19% on 2023 and the number of medallion taxis making at least one trip rose 10%.

What OFS is

OFS was set up by Local Law 111 of 2020 to watch the medallion industry's financial health: market stability, possible manipulation or speculation in sales, bankruptcies, common loan terms, and owners' income and expenses (OFS page). It collects the annual medallion owner financial disclosure; see how to file. Definition: Office of Financial Stability.

What the data can't tell you

• 2025 figures. The 2025 OFS report was not on TLC's site when we checked on October 12, 2026.
• Who bought. OFS doesn't break transfers down by buyer type (drivers, investors, lenders).
• Why a medallion is in storage. Owners give a reason on the storage form, but it isn't published.
• How many foreclosed medallions went back on the road. Not reported.

More on the medallions hub.