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Taxi medallion owners press board for buy‑back after ride‑hail competition slashed medallion value
Summary
Multiple taxi medallion owners and drivers urged the board to buy back medallions or otherwise provide financial relief, saying medallion valuations collapsed after entry of ride‑hail companies and that many drivers now cannot meet loan payments.
A series of public commenters pleaded with the Board of Supervisors to address an ongoing taxi medallion crisis: speakers said medallion values collapsed after app‑based ride‑hailing services grew, leaving medallion purchasers with heavy loan obligations and insufficient revenue. Several medallion owners described daily gross receipts that they said left them with negligible take‑home pay after bank and operating fees.
Speakers requested a city‑led buy‑back of medallions (or other forms of relief), and said the SFMTA’s recent measures (including an expedited airport lane permit) were inadequate to restore medallion values. One speaker referenced the “exit mechanism” in medallion sale contracts and urged the board to trigger buy‑back provisions or to create a city fund or bond to purchase medallions.
Speakers said they were unable to meet loan payments, were at risk of losing vehicles and livelihoods, and described severe stress and threats to family stability. Several urged an urgent policy response to avoid homelessness and personal financial crises.
No board action was recorded during public comment; commenters asked for future hearings, buy‑backs or compensation measures from SFMTA and the city.
