Posted: Apr 19, 2016

Green Taxis Going Begging

New York City can barely give away green taxi licenses as would-be drivers for the much ballyhooed outer-borough cabs are migrating to e-hail taxis.

Thousands of available permits sitting unsold and there only hundreds of interested buyers, if that many, according to the New York Daily News.

The green “boro taxis” were created to expand cabs that stop for street hails into the five boroughs.The city was authorized by state law in  2013 to sell up to 18,000 permits, at $3,000 a pop, over three years. The first 6,000 sold– though many have been returned or taken out of use. From the second batch of permits issued under the de Blasio administration in 2014, there are still 3,882 permits left, the Daily News writes.

About 700 people have expressed some interest in buying them, but few are expected to go through with a purchase. Even if the TLC sells the second trance, the city will still have a final batch of 6,000 left.

The root cause of the program’s failure is that would-be taxi driver can operate even more cheaply and without burdensome regulations– especially onerous wheelchair accessibility requirements– by signing on with Uber.

Apr 19, 2016 | Filed under: Blog by Dan Ackman

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