Issuance of nontransferable taxicab licenses.

A Local Law to amend the administrative code of the city of New York, in relation to the issuance of nontransferable taxicab licenses

The proposed local law would create a new nontransferable taxicab license to allow current taxicab owners to operate one additional vehicle under a single existing medallion license. Presumably, under this proposal, the medallion owners would have an additional stream of revenues, and thus, theoretically, make taxi medallions a more attractive investment.