Medallion Owners Get Huge Financial Break From TLC

Taxi medallion owners were cut some major slack when the Taxi and Limousine Commission agreed to waive almost $20 million dollars in fees from their books in an attempt to take some of the financial burdens off the troubled drivers.

Taxi and Limousine Commission leader Meeri Joshi told the New York Post the commission cut the fees in order to help medallion owners catch up on their mounting debts. 

Democratic Councilman Mark Levine called the move a short-term fix while they try to work out a long-term policy. Levine added, "It's critical that we take steps to help out the drivers who have seen their life savings evaporate through no fault of their own."

The $20 million in waived fees come from the 13,000 registered yellow cab drivers who pay $1,650 every two years for the right to operate in the five boroughs every day. 

In the last year, seven for hire drivers have taken their own lives over crushing financial problems.

Photo Credit: Getty Images

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