At one time not so long ago, a taxi medallion was worth $200,000, today it can be had for a measly $10,000. Over the last few years taxi drivers have been urging cities in Canada and elsewhere to alleviate their plight and compensate them for the loss of permit value. Recently Mississauga indicated that it was in no position to make any such compensation but will request the province to take a look at the matter as municipalities are not permitted to provide compensation under the Municipal Act.
The city’s taxi drivers have been hit hard by ride-hailing apps like Uber and Lyft.
The initial request was submitted to the public vehicle advisory committee on February 11, and then again to city council on February 27. Council told PVAC members and other taxi drivers it would review its options.
At a council meeting on May 15, city staff reviewed various compensation options and explained that municipalities were not legally permitted to offer taxi drivers any form of monetary compensation for their plates, as outlined in the Municipal Act.
To this date no municipalities in Canada have provided compensation to the taxi industry.
Unfortunately, there is no demand for taxi medallions as any new immigrant or someone wanting to drive people around for a living could well do so if he or she owns a private vehicle and goes to work for Lyft or Uber. There are many taxi drivers who are moonlighting as Uber drivers when they aren’t driving taxis. If you can’t beat them, join them seems to be the guiding principle for a growing number of taxi drivers. -CINEWS