SFMTA nets $5 million from taxicab medallion sales 

Since launching its taxi medallion sales pilot last June, the San Francisco Municipal Transportation Agency has received more than $5 million from the program.

The SFMTA, which overtook regulation of city cab operations in 2009, approved the taxi medallion plan last year.

The agency, which also operates Muni, receives funding in two ways —f rom directly selling medallions to eligible cab drivers for $250,000 apiece, and from collecting a 15 percent cut from sales between current medallion holders to eligible drivers. Medallions acts as permit that allow owners to lease out their car to taxi drivers.

So far, the SFMTA has directly sold 17 medallions to eligible drivers, good for $4 million (5 percent of those sales go toward a drivers’ fund), according to information from the SFMTA’s Taxi Advisory Council. There have been 30 owner-to-buyer sales, which have generated $1.1 million for the agency.

Minus the $500,000 set aside for the drivers’ fund, the SFMTA has gained $5.1 million from the program.

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Will Reisman

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