Closing Bell: Taxis For All Boroughs?


The New York State Court of Appeals has overturned a ruling that blocked the Bloomberg Administration’s move to expand taxi service in all five boroughs, NY1 reports. The decision could pave the way for the Five-Borough Taxi Plan, which would issue 18,000 licenses over three years for drivers north of 96th Street and in the four boroughs outside Manhattan. Opponents have criticized the plan because it was decided in Albany, rather than the City Council. Cab owners also said it could hurt business. Sales of the new medallions are expected to bring in $1 billion in revenue.

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