The New York City Council has created a Taxi Medallion Sales Price Task Force to inquire into the current financial crisis among taxi medallion owners resulting from the precipitous decline in the value of taxi medallions after the introduction of app-based for-hire vehicles in New York City. Numerous medallion owners currently owe significant amounts of debt that exceed the value of the assets (medallions) that secure their loans. In effect, the medallion crisis is analogous to the housing crisis that existed in 2008. Close to 1000 medallion owner have filed for bankruptcy. The nature of the crisis and some of its severe implications have been the subject of a series of New York Times articles available here and here. The objective of the Task Force is to analyze the causes and the effects of the current situation and to make recommendations concerning solutions for fiscally stressed medallion owners and the need for additional regulation of for-hire vehicles and their financing.
Professor Clayton Gillette serves as a member of the Task Force. He is seeking several law students to assist the Task Force in gathering and analyzing data related to the financing of taxi medallions. Students will undertake tasks such as reviewing bankruptcy records and data from the New York City Taxi and Limousine Commission concerning the number and status of taxi medallion loans. They will also assist in the preparation of a report that the Task Force is to generate. Law students will be paid at research assistant rates for their work.
Interested students should contact Professor Gillette at firstname.lastname@example.org to express their desire to assist or to ask any questions.