By Daily News Editorial Board
All hail the City Council for proffering a lifeline to yellow cab drivers whose debts tied to their medallions are putting them on the road to ruin.
We get how creative destruction works in this economy; we work for a newspaper. We know Uber and Lyft outflanked taxicabs for street-hail business, cratering yellow-cab medallion values.
Nor do we weep for many medallion-owners, millionaires who have suddenly lost money on an investment that used to be better than gold.
But there is something we can do for hardworking owner-operators who now find themselves sucked into a vortex they can't control. And it's not Mayor de Blasio's wishful suggestion to just wait for the recent cap on app-hail vehicles to inject value back into medallions.
In June, this Editorial Board first proposed a bailout fund to help individual taxi owners cut their medallion loans down to size. Councilman Mark Levine responded to our waving arm; he's written a bill to have a task force study the best path.
Don't pile yet another fee onto Uber rides, atop a congestion fee the state recently imposed. Instead, slice off a share of those proceeds.