1. Bailouts are never good. ever, even when there would be "catastrophic effects" on the economy. It's like setting a broken bone: it's going to hurt, but if you want it to heal right it needs to be done.
2. The entire taxi vs uber thing is a clusterfuck that is derived
from the existence of taxi medallions in the first place. If we didn't
have taxi medallions, then there would be no problem in the taxi domain.
3. This bailout requires medallions. Without medallions this bailout is meaningless. Not only is it a bailout, which is already bad, but its bailing out taxis in the worst way. Even if NYC decides that taxis are a crucial part of the culture and must be saved at all costs, there are other ways of making that happen than strengthening the medallion requirement.
If I were supreme ruler of NYC, I'd revoke the rules regarding taxi medallions and watch this whole mess fix itself.