It will likely be a few years before one big source of revenue fills the city’s coffers again.
With the ability to sell more taxi medallions held up in the New York Court of Appeals, an expected $300 million in city revenue has been pushed back, Mayor Michael Bloomberg announced during his May 2 budget address.
If approved, the expanded sales could make it easier for New Yorkers to hail a cab in the outer boroughs.
Although the medallion fight is on ice, Bloomberg was confident the city will win the case.
“We still think we’re going to get it,” he said.
However, City Comptroller John Liu said the mayor was jumping the gun by expecting revenue still wrapped up in court.
“The mayor’s executive budget for FY 2014 contains some major unwarranted assumptions that risk opening yawning gaps,” said Liu, who is running to succeed Bloomberg. “It assumes that the city will reap $1.5 billion over four years from a taxi medallion sale that for the foreseeable future is tied up in court.”
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