SFMTA drives boost to cab-permit cost

By: Will Reisman : SFExaminer – excerpt

Proposal: The SFMTA is considering increasing the cost of taxi medallions.
The permits needed to operate taxis will cost more to purchase and will generate extra income for The City under a new plan by San Francisco’s transportation agency.
Holders of taxi medallions can operate cabs or lease out their vehicles to other drivers while still collecting a slice of the profits. Until 2010, the only way to obtain a medallion was to keep your name on a waiting list, but the permit could take decades to arrive.
For the past two years, cabdrivers have been able to skip ahead of a waiting list and purchase a taxi medallion for $250,000 as part of a pilot program. The San Francisco Municipal Transportation Agency, which regulates cabs, also took a 15 percent transfer fee for medallion sales.
Now, the SFMTA wants to increase the cost of medallion sales to $300,000 and collect a 50 percent transfer fee. The minimum age for selling medallions would also be reduced, from 65 to 60. The proposal is projected to generate
$14 million for the agency over the next two years…
“The medallions are a public asset,” said Rose. “They should be managed in a way that benefits the public.”…
(more)

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s