Cabbies might be able to sell medallions 

Taxi medallion holders who are 69 years and older could sell their permits for $250,000 to prospective cab owners under a reform plan being proposed by the San Francisco Municipal Transportation Agency that could generate millions of dollars for city coffers.

The plan would allow the sale of medallions — permits that allow drivers to operate a cab — to the 1,700 drivers in The City. Many of those 1,700 have been waiting for more than 10 years for the chance to purchase a medallion. The measure would tweak Proposition K, a voter initiative passed in 1978 that stipulates that taxi medallions are city property that cannot be transferred.

Under the reform plan, the SFMTA would directly sell 60 medallions at a price of $250,000 each, which would garner the agency $15 million in revenue. It also would receive a 15 percent cut from any outside medallion sales, generating $37,500 per transaction for The City.

The proposal must be approved by the board of directors.

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Will Reisman

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