Taxi-medallion owners seek Cuomo's help, stop short of asking for bailout. Taxi association calls for a moratorium on medallion foreclosures and a relief program for distressed borrowers.

Crain's New York Business reports:

Describing a taxi industry in "free fall," a group representing medallion owners has written to Gov. Andrew Cuomo asking New York state to step in and help the industry through regulatory changes, a distressed assets relief plan and a temporary moratorium on medallion foreclosures. The letter was sent Friday in advance of a rally to be held May 3 at City Hall at which medallion owners will protest what they say has been inaction on the part of Mayor Bill de Blasio and the Taxi and Limousine Commission and will call on the governor to intervene.

The taxi industry's struggles have come into sharp relief in recent weeks following the sale of a medallion for the lowest price this century and a hearing on driver economics that drew an overflow crowd at the TLC's offices.

In its letter, the Taxi Medallion Owners & Drivers Association blames the industry's troubles on the surge over the past three years in the number of ride-hail vehicles, notably Uber's, and the failure of the city to apply regulations to the newcomers that would have made for a level playing field.

"Here, in an environment where the legitimate interests of taxi medallion owners has been undermined by the callous disregard of elected officials, your intervention is needed in order to restore fairness," wrote Sohan Gill, president of the association.

A spokeswoman for Cuomo said the governor's office would be reviewing the letter.

"Reviewing" a bailout!