New York City Taxi and Limousine Commission in the context of Taxi medallion

⭐ Core Definition: New York City Taxi and Limousine Commission

The New York City Taxi and Limousine Commission (NYC TLC) is an agency of the New York City government that licenses and regulates the medallion taxis and for-hire vehicle industries, including app-based companies such as Uber and Lyft. The TLC's regulatory landscape includes medallion (yellow) taxicabs, green or Boro taxicabs, black cars (including both traditional and app-based services), community-based livery cars, commuter vans, paratransit vehicles (ambulettes), and some luxury limousines.

New York State-issued TLC license plates are marked "T&LC".

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👉 New York City Taxi and Limousine Commission in the context of Taxi medallion

A taxi medallion, also known as a CPNC (Certificate of Public Necessity and Convenience), is a transferable permit allowing a taxicab to operate, particularly in the United States. Several major cities in the US use these in their taxi licensing systems, including New York City, Boston, Chicago, Philadelphia, and San Francisco.

The medallion system is a government-created intentional constraint on the supply of taxicabs, and because cities have historically increased the number of medallions at a slower rate than the growth in demand for taxis, medallions have generally been considered a valuable investment, though recently the increased supply of cars for hire created by ridesharing companies has been eroding the value of medallions.

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