It turns out those plans to break the bank by selling taxi medallions may have been a little grandiose after all.
Behind the strong advocacy of Mayor Gavin Newsom, the San Francisco Municipal Transportation Agency initially projected to make $15 million this fiscal year by selling medallions — permits that allow drivers to manage and lease out their cabs — but the agency’s latest projection has them taking in a meager $2.5 million — and even that total hasn’t been realized. SFMTA Chief Financial Officer Sonali Bose released the revised projections on Tuesday
With seven weeks to go in this fiscal year, the SFMTA has yet to collect a dime from the sales of the medallions, which go for $250,000 apiece. Under a pilot program approved earlier this year, the SFMTA is now eligible to collect a portion of the medallion sales from one cab driver to another, while also directly selling the wares. So far, the sales have not materialized, and the SFMTA is looking at an $11.5 million deficit this fiscal year.