• Mateo the Mayor Staff

REPAY NYC YELLOW TAXI’S & REBOOT ENTIRE INDUSTRY

STATEMENT & PLAN RELEASE


REPAY NYC YELLOW TAXI’S & REBOOT ENTIRE INDUSTRY

GOP Mayoral Favorite Fernando Mateo Calls for Bold Prescriptions to Fix the Broken Taxi System including Charging Ride Share their Fair Share

Mateo’s “TRANSIT REBOOT PLAN” est. to raise $500 million for NYC Transit




NEW YORK – April 15, 2021: In response to the class action lawsuit filed on behalf of Yellow Cab medallion owners, Urban Republican candidate for New York City Mayor Fernando Mateo issued the following statement:


“The City of New York should repay Yellow Cab medallion owners the difference of their losses and since they will not do the right thing… as Mayor, I will reboot the entire taxi industry with the help of the City Council,” said Mateo.


“For years I advocated for fair competition in transportation, instead City Hall bureaucrats pumped and dumped hard working New Yorkers for a bait-and-switch scheme,” said Mateo about the Yellow Cab situation. “The City guaranteed that the $875,000+ investment in a Yellow Cab medallion would both appreciate and deliver significant returns to the owner. Like Bernie Madoff, City Hall betrayed us,” said Mateo - a leader of the Black Cab association which pays similar fees as Yellow Cabs and follows TLC regulations including background checks unlike tech drivers.


“At least nine families suffered a suicide because the medallion owner could not compete with government subsidized tech drivers. The distress of debt and not being able to feed your family will end under a Mayor Mateo administration,” Mateo said. “The chaos caused by the special treatment will stop because under the leadership of a Mayor Mateo City Hall, the City and TLC will be held accountable for the damage they have done to the transportation industry and the families that they wrecked by sinking the value of medallions,” he added.


“It was working fine, then Democrat Politicians broke it. As Mayor, I will fix the broken Taxi system for the people of New York City,” Mateo said. “My plan aims to address the root of the problem by working with the City Council to reboot the entire taxi industry over a 5-year period,” he said.


The “Transit Reboot Plan” entails:


1. Reducing the ranks of app-based cars

2. Charging app-based cars to operate in NYC

3. Auctioning 75,000 one-year permits in year one

4. Auctioning 65,000 permits in year two

5. Auctioning 55,000 permits for year three

6. TLC to make a fresh start with new ideas and new leadership


“These market driven policies will stop the manipulation by app-based algorithms. They will bring back fair competition and get the government’s thumb off the scale. It will raise approximately $500,000,000 for New York City. The money generated by these market neutral policies will go toward mass transit. This approach makes business sense as it involves the Mayor and City Council working together to produce reliable cash flows to sustain transit operations,” said Mateo.


He concluded, “This is how we end the Era of Betrayal and begin the Era of Fixing New York City!”


BACKGROUND:


On or about April 5, 2021, New York City Yellow Taxis filed a class action lawsuit against New York City and the Taxi & Limousine Commission (TLC) seeking damages for “artificially” inflating yellow cab medallion prices it sold to cabbies at auction by lying about their value.


The City went on to collect billions in medallion sales over the years and then the city undermined the industry by introducing unfair competition from ride-share companies including Uber and Lyft. While the Yellow cab medallion owners had to pay nearly $1 million per medallion, plus annual fees of $15,000, the City of New York subsidized tech giant transportation by allowing their fleet to only pay $275 fee to pick up spontaneous hails for a ride.


Same system – different set of rules. Harsh outcome for loyal New Yorkers and generous profits for tech giants. It is clear that corrupt, elite Democrats sold out the people of New York City for campaign cash and a false-sense power. Mateo believes that only a Republican value of fair-market competition can level the playing field so New York can get back to work on a stronger footing.


While COVID set NY back, Mateo is urging that we use lessons learned to set NY up for the biggest comeback ever! He is urging action on retaining and growing the business community in New York City by making reasonable accommodations to incentivize them stay home in the Big Apple as well as protecting hard working New Yorkers who keep New York City moving forward.

0 comments