Cabbies Demand Relief From High-Price San Francisco Taxi Medallions

By Wilson Walker : cbslocal – excerpt

SAN FRANCISCO (CBS SF) — Cab drivers struggling to compete with Lyft and Uber are voicing their growing anger over San Francisco’s taxi medallion program’s cost and restrictions.

“You’re making an issue out of medallions that are totally worthless today,” declared cab driver Emil Lawrence, bordering on a shout…

This is what happens when you give San Francisco cab drivers a chance to sound off on the city’s disastrous taxi medallion program, and it went on for about two hours Wednesday at San Francisco City Hall…

Still looming over this entire discussion, the $28 million lawsuit filed against the city by the San Francisco Federal Credit Union, which now holds some $130 millon in what it calls ‘impaired’ loans associated with the troubled medallions.

The credit union says that lawsuit is moving forward now that a judge has found sufficient grounds for the breech of contract claim. In the mean time, the city is trying to roll out some answers for drivers, and so far, they do not like what they are hearing.

Maggi Yousef closed his comments to the SFMTA representative with one request: “Get me out of this, please.”… (more)

Credit union files taxi medallion suit against SFMTA

By Julia Cheever : sfbay – excerpt

A credit union that helped The City of San Francisco sell taxi medallions has sued a city agency over financial losses caused by the collapse in value of the medallions amid the rise of ride-booking services such as Uber and Lyft.

The lawsuit was filed against the San Francisco Municipal Transportation Agency in San Francisco Superior Court on Tuesday by the nonprofit, member-owned San Francisco Federal Credit Union.

It seeks $28 million in compensation plus an order requiring The City to buy back unsellable medallions for the $250,000 purchase price.

The lawsuit charges the SFMTA violated alleged promises to keep the taxi business vibrant, shore up the value of the medallions and buy back any medallions that it couldn’t resell.

Instead, the law suit claims:

“…[SFMTA] has elected to stick its head in the sand while the credit union and hardworking taxi driver medallion owners are saddled with all the burdens.”… (more)