New York City is known for its iconic yellow taxis, which have been a staple of the city’s transportation system for decades. These taxis, also known as medallion taxis, are regulated by the New York City Taxi and Limousine Commission (TLC), which is responsible for issuing medallions, setting fares, and enforcing safety regulations.
The history of the yellow taxi in New York City dates back to the early 20th century, when a number of small taxi companies began operating in the city. However, it wasn’t until the 1930s that the TLC was created to regulate the industry and standardize the iconic yellow color for all medallion taxis.
Today, there are over 13,000 medallion taxis operating in New York City, serving millions of passengers each year. These taxis can be hailed on the street or found at taxi stands, and they are also available for pre-booked trips.
One of the most notable features of New York City’s medallion taxi system is the “taxi medallion,” which is a small metal plate affixed to the hood of the taxi. The medallion is the license to operate a taxi in the city, and it is extremely valuable; medallions can cost hundreds of thousands of dollars.
The TLC sets the fares for medallion taxis, and they are based on a combination of distance and time. Passengers can also expect to pay an additional $1-2 for each passenger over the age of 8, as well as a $.50 surcharge for trips that begin, end, or pass through Manhattan south of 96th street.
However, the medallion taxi industry in New York City has been facing some challenges in recent years, primarily due to the rise of ride-hailing companies like Uber and Lyft. These companies have been able to operate with fewer regulations and lower costs, making it difficult for medallion taxis to compete. The value of medallions have decreased significantly in recent years and the number of medallions are also decreasing.
Despite these challenges, the yellow taxi remains an important part of New York City’s transportation system, providing convenient and reliable service to millions of passengers each year.