A medallion is the license required to operate a yellow taxi in New York City. The number of medallions is regulated by the city government and there are currently just over 13,000 medallions available in New York. New York City taxi medallions are currently valued at upwards of $600,000.
TLC stands for the Taxi and Limousine Commission, the city agency in charge of regulating and administering to the taxi industry.
Instituted in 1979, leasing is the system by which most taxi fleets operate today. The driver pays a fixed rate up front (typically over $100) in order to drive the cab for a shift. Under this system, drivers work as independent contractors and therefore receive no benefits. Drivers' earnings vary from shift to shift depending on the fares he or she picks up.
"Fare Four" or "Rate Four"
On New York City taxi meters, pressing button "four" will double the per-mile rate. This higher rate only applies during out-of-town fares to Nassau County or Westchester County. In September 2010, controversy emerged around the fare four button after it was discovered that a few drivers were using the fare four button to rip off customers during rides within the city.
a nickname for a taxi cab or cab driver
New York Taxi Workers Alliance
The New York Taxi Workers Alliance (NYTWA) is a membership-based union for New York City taxi drivers. More information is available on the Alliance website here: http://www.nytwa.org/
Haas Act of 1937
The Haas Act of 1937, signed by Mayor La Guardia, established the modern cab industry in New York City because it required that cab owners obtain a license from the city in order to operate a cab. With the passage of this law, the city government had the power to regulate the number of cabs on New York City streets.
DOV stands for Driver Owned Vehicle. Drivers lease from garages as well as from brokers. When leasing from a broker, drivers can pay a monthly or weekly fee for the medallion and another fee to pay off the car, which they eventually own and are responsible for maintaining.
Made by the Checker Motors Corporation, the Checker Taxi Cab can be recognized by the white and black checkers running across its sides. The last Checker Cab retired in 1999, though it is now recognized as a symbol of New York and can be seen frequently on television and in movies representing New York's past.
Livery cabs are cabs without a medallion, meaning they cannot pick up "street hails," and must rely on dispatchers for passengers. They generally service the outer boroughs and do not have meters.
A system originally used by livery cab companies in 1970 in which a dispatching service and a car is provided but the drivers pay for the gasoline. The system was later adopted by medallion cab companies.