From True News From Change :
Just weeks after Mayor Michael Bloomberg and City Council Speaker Christine Quinn celebrated their inside budget negotiation deal, acting Manhattan Supreme Court Justice Arthur Engoron issued an opinion that put a stop to the mayor's taxi medallion revenue plan for the Fiscal Year 2013 budget. The court ruling creates a $600+ million hole in the Bloomberg-Quinn budget.
... At issue is a law, passed in February, allowing New York City to create a new fleet of 18,000 lime-green "borough taxis" to service the outer boroughs and Upper Manhattan, where regular yellow cab service is a rarity.
That same bill also allowed the city to auction off 2,000 wheelchair-accessible yellow cab medallions, which were expected to garner more than $1 billion for the city's budget and also vastly improve the fleet's ability to serve passengers in wheelchairs. As the fleet now stands, there are only 233 wheelchair-accessible yellow cabs. ... (Capital New York)
Mayor Bloomberg warns of layoffs after judge shoots down outer borough taxi plan (NYDN) Judge's decision creates $1.46 billion hole in the budget, including $635 million for this fiscal year.