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The value of a yellow taxi medallion has plummeted from more than $1.2 million at its peak in 2014 to about $100,000 today.
Users said a service that was expected to help Access-A-Ride customers hail rides on-demand through an app now seems less reliable.
Daily trips for yellow taxis dropped by a factor of ten — from 200,000 trips in February to 18,325 trips in June, according to a new report.
Today's vote extends the cap indefinitely, and restricts how much time drivers can spend 'cruising' without passengers in parts of Manhattan.
The TLC will hold a hearing on the new proposed changes this summer, with the mayor expected to approve them in August.
Mayor Bill de Blasio has ordered a review of predatory practices in the New York City taxi business, following a scathing report on the industry's predatory practice and regulatory failure.
The congestion pricing fees are expected to generate $400 million a year for the MTA.
Tens of thousands of drivers who work for app-based companies in New York City are set to receive a raise.
The taxi industry has been in a tailspin since the introduction of for-hire services like Uber.
Professional drivers gathered in Washington Heights this weekend to mourn the death of Uber driver Fausto Luna.
The company claims new legislation means the benefits of Uber 'could disappear.' But that's Uber's decision to make.
The last time they tried this was in 2015.
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