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(The New York Times)   $1.3 million NYC taxi medallions might not have been the best leveraged investments for taxicab drivers   ( nytimes.com) divider line
    More: Obvious, Taxicab, taxi, taxi owners, Mr. Isac, City taxi medallion, taxi medallions, New York City, Taxi Medallion Owner  
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2313 clicks; posted to Business » on 11 Sep 2017 at 3:50 PM (13 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2017-09-11 02:44:03 PM  
WTF is a NYC taxi medallion? Do they point out the Well of Souls?
 
2017-09-11 02:59:13 PM  

Mugato: WTF is a NYC taxi medallion? Do they point out the Well of Souls?


It's not the free market.
 
2017-09-11 03:17:14 PM  

edmo: Mugato: WTF is a NYC taxi medallion? Do they point out the Well of Souls?

It's not the free market.


Free markets unencumbered by government regulation do not remain free for long.
 
2017-09-11 03:47:20 PM  
I've noticed that since uber and lyft and all the others started gaining popularity that I haven't had a cab driver just lock his doors and drive off when I tell him I want to go to Brooklyn.
 
2017-09-11 04:20:52 PM  

FortyHams: I've noticed that since uber and lyft and all the others started gaining popularity that I haven't had a cab driver just lock his doors and drive off when I tell him I want to go to Brooklyn.


He still tries to get ya there by way of Jersey City though as tradition demands, right?

Because I don't need the world turned upside down anymore than it already is.
 
2017-09-11 04:34:55 PM  

wejash: FortyHams: I've noticed that since uber and lyft and all the others started gaining popularity that I haven't had a cab driver just lock his doors and drive off when I tell him I want to go to Brooklyn.

He still tries to get ya there by way of Jersey City though as tradition demands, right?

Because I don't need the world turned upside down anymore than it already is.


Not in their best interest. I'm taking him to somewhere he most likely won't pick up another fare. He's got to get me out as soon as possible so he can get back to where ever the fark I was drinking to grab the next drunk.
 
2017-09-11 04:42:16 PM  

FortyHams: I've noticed that since uber and lyft and all the others started gaining popularity that I haven't had a cab driver just lock his doors and drive off when I tell him I want to go to Brooklyn.


I'll bet you still can't get a cab to take you to 125th & Lenox
 
2017-09-11 04:47:45 PM  

Opacity: FortyHams: I've noticed that since uber and lyft and all the others started gaining popularity that I haven't had a cab driver just lock his doors and drive off when I tell him I want to go to Brooklyn.

I'll bet you still can't get a cab to take you to 125th & Lenox


If I want to go to Red Rooster I'll just take the train. It stops right there.
 
2017-09-11 04:49:40 PM  

Mugato: WTF is a NYC taxi medallion? Do they point out the Well of Souls?


It's an actual metal medallion affixed to the hood of the car which licenses it to be an official NYC taxi.
 
2017-09-11 04:51:03 PM  
No thanks, I'll just call the ghetto cab
/They'll stop at the liquor store and the weed spot
 
2017-09-11 04:58:02 PM  
While I knew that the prices of these were fairly high and some individual cab owners were buying them, I also read someplace that there were investment funds buying these medallions as well.
Perhaps they were buying them and they were the ones making loans out to some of these drivers?
 
2017-09-11 04:59:00 PM  
Stories like this tend to focus on a virtually non-existent victim - the individual who owns his own cab and bought his own medallion and drives it for himself.  That's just not a thing anymore and it's one reason why nobody gives a shiat that the cabs are being roasted by Uber/Lyft.  The vast majority of the license/medallions are owned by investment funds and they're leased out at crazy rates to poor S.O.B.'s who kill themselves to pay the lease and still make enough to survive.  It was a shiat system and it deserved to be burned down.  And if some individuals had a $1.5M license and didn't sell it, that's on them.
 
2017-09-11 05:04:29 PM  

drjekel_mrhyde: No thanks, I'll just call the ghetto cab
/They'll stop at the liquor store and the weed spot


Sunshine Cab in Phoenix and the drivers know where the dealers are. God, I miss them.
 
2017-09-11 05:08:29 PM  

cefm: The vast majority of the license/medallions are owned by investment funds and they're leased out at crazy rates to poor S.O.B.'s who kill themselves to pay the lease and still make enough to survive. It was a shiat system and it deserved to be burned down.


Agreed.  The medallion system should have included a clause saying that they cannot be resold or subleased.  Now they're just another investment path for rich investors.  My trip to and from the airport should not be feeding such a system.  Let it all burn.
 
2017-09-11 05:39:06 PM  
Actually, a cab may be cheaper, as a general rule, than Uber in NYC.
https://ride.guru/content/newsroom/uber-vs-lyft-vs-taxi-cost-analysis​-​across-the-united-states

I just read an article somewhere that said for rides to/from LGA, JFK, BOS and ORD a taxi was cheaper than Uber. It referred specifically to rides to/from those airports.
 
2017-09-11 06:38:46 PM  
Article is about a thing that they only have one picture of at a stupid angle so those of us not native to NYC have to go google an image of it.

Taxi drivers screw us over, they take great pleasure in screwing us over and for decades have been the only show in town when it comes to screwing us over in this format.
fark every last one of them with a dildo made out of molten tungsten,

I'll take a Lyft or Uber any chance I can over a Taxi because the pricing is fair, everything I need to know is out in the open, and unlike every taxi driver on the face of the planet who's "credit card reader is broken right now" (all of you die of cancer, kthx) Lyft and Uber have the whole payment thing sorted out.

So taxi drivers, kindly suck a row of cocks all the way from your present location to Bunkie Louisiana and have fun burning to death in the fire you 100% created on your own.
 
2017-09-11 06:42:29 PM  
img.fark.netView Full Size
 
2017-09-11 07:23:19 PM  

cefm: Stories like this tend to focus on a virtually non-existent victim - the individual who owns his own cab and bought his own medallion and drives it for himself.  That's just not a thing anymore and it's one reason why nobody gives a shiat that the cabs are being roasted by Uber/Lyft.  The vast majority of the license/medallions are owned by investment funds and they're leased out at crazy rates to poor S.O.B.'s who kill themselves to pay the lease and still make enough to survive.  It was a shiat system and it deserved to be burned down.  And if some individuals had a $1.5M license and didn't sell it, that's on them.


It wasn't always like that.  The medallion system started during the Depression of the 1930s when cab drivers were fighting in the streets of Manhattan over fares.  NYC decided to go with a medallion system to limit the number of taxis and ensure that the cab drivers could earn a living wage.  At first the medallions were only $10 and issued by lottery for  single cab owner/operators.   The possessor of a medallion had to be directly involved in providing taxi services, either as owner/operator or running a taxi fleet.  The medallions could not be sold when the owner/operator no longer wanted to operate a cab  Eventually these rules were changed to allow speculators to 'invest' in taxi medallions because invisible hand herp 'n derp.   This caused the value of taxi medallions to skyrocket and become 'investments'    'The value of taxi medallions can only go up.', was the claim.  When you hear anyone say 'The value of 'X' can only go up.'  , you know it's time to get rid of whatever 'X' is.
 
2017-09-11 09:00:43 PM  

Mugato: WTF is a NYC taxi medallion? Do they point out the Well of Souls?


But they are off by one cadam
 
2017-09-11 09:03:23 PM  

cefm: Stories like this tend to focus on a virtually non-existent victim - the individual who owns his own cab and bought his own medallion and drives it for himself.  That's just not a thing anymore and it's one reason why nobody gives a shiat that the cabs are being roasted by Uber/Lyft.  The vast majority of the license/medallions are owned by investment funds and they're leased out at crazy rates to poor S.O.B.'s who kill themselves to pay the lease and still make enough to survive.  It was a shiat system and it deserved to be burned down.  And if some individuals had a $1.5M license and didn't sell it, that's on them.


This, and no matter how many Fark taxi drivers shiat on Uber and Lyft I can't bring myself to be fooled into believing the previous system was working at all.

Starting with the stupid "do you take credit" dance where they play coy until you explicitly tell them you don't have cash or a debit card and suddenly the card reader comes out.
 
2017-09-11 09:04:48 PM  

omg bbq: Article is about a thing that they only have one picture of at a stupid angle so those of us not native to NYC have to go google an image of it.

Taxi drivers screw us over, they take great pleasure in screwing us over and for decades have been the only show in town when it comes to screwing us over in this format.
fark every last one of them with a dildo made out of molten tungsten,

I'll take a Lyft or Uber any chance I can over a Taxi because the pricing is fair, everything I need to know is out in the open, and unlike every taxi driver on the face of the planet who's "credit card reader is broken right now" (all of you die of cancer, kthx) Lyft and Uber have the whole payment thing sorted out.

So taxi drivers, kindly suck a row of cocks all the way from your present location to Bunkie Louisiana and have fun burning to death in the fire you 100% created on your own.


This. You left out "calling the dispatcher a half hour after he said he was five minutes away to be told he'll be there in ten minutes"
 
2017-09-11 09:23:30 PM  
Uber's been a godsend for me. On the fringe of the Denver metro area, I often wait 1-2 hours for a cab. Uber always has 8-9 drivers within 5 miles of me; I never wait more than 10 minutes. Even though I get subsidized fare for disabled people that make trips under 5 miles cost me only two bucks, it's well worth the extra $3 - $4 for Uber.
 
2017-09-11 09:46:36 PM  
I'm curious as to whether the developers of the uber app originally shopped it to the taxi companies before starting. I can easily see a situation where they went to the taxis and said, look at this great app that will revolutionize how you schedule and dispatch cars. Then the taxi companies told them to go fark themselves.
 
2017-09-11 10:01:20 PM  
DC taxis do not use a medallion system, but they're the same as any taxi anywhere - despite laws that say they can't refuse to take you somewhere and that they can't even operate the taxi if the card reader isn't working, they will often refuse and ask you to get out, the cabs are often disgustingly dirty, and half the time the card reader is "broken" until such time as you say you don't have any cash when it magically starts working.

A year or so back I met my father at National airport as he was visiting me, he didn't want to metro so we grabbed a cab. After the cab drove right past the 14th street exit from the 395 I commented "Ah, you're trying to avoid Thomas circle traffic. Good plan. And oh, I live here." The driver swore, and immediately got off on 12th. Didn't speak a word to me. Who knows how far he was planning to go before getting off and going backwards to my father's hotel.

(Better than when DC used the zone system instead of meters, and unsuspecting people could easily pay many dollars more just by the taxi driver saying "Oh it's easier to be dropped off if I pass this light, is that ok?" with people not realizing they were crossing zone boundaries by doing so, hoping the fare by more than the 25 cents or whatever one might expect with a meter. Taxi drivers fought vehemently for years to avoid going to meters like every other civilized city...finally Congress mandated it).

I understand the negatives and unfairness of Uber, but Taxi Industry, Heal Thyself. It really isn't lower costs that are driving people to Uber. It's the app, the knowledge of where the car is, the automatic use of credit cards, the route displayed right on the screen, etc. All the things you're fighting against implementing.
 
2017-09-11 10:46:09 PM  
The last couple of times I went to NYC, I used Arro and Curb to call and pay for taxis. Just an easy as using Uber or Lyft. Mind you, I don't know how well they would work from the farther reaches of town.
 
2017-09-11 11:24:46 PM  

prince of peas: Actually, a cab may be cheaper, as a general rule, than Uber in NYC.
https://ride.guru/content/newsroom/uber-vs-lyft-vs-taxi-cost-analysis-​across-the-united-states

I just read an article somewhere that said for rides to/from LGA, JFK, BOS and ORD a taxi was cheaper than Uber. It referred specifically to rides to/from those airports.


If your going to or leaving from ORD, take the Blue Line. $5 leaving ORD, $3 to ORD, and you can be downtown in 45 minutes.
 
2017-09-12 12:27:05 AM  

FortyHams: I've noticed that since uber and lyft and all the others started gaining popularity that I haven't had a cab driver just lock his doors and drive off when I tell him I want to go to Brooklyn.


I haven't stepped foot in brooklyn in about six months* but I can't complain about this. To be fair, I prefer the F train -- oh yes F train -- but I have never had a cab refuse me a fare to another borough. Then again I'm smart enough to get into a cab before telling them the destination.

*usually in NY every other month
 
2017-09-12 12:40:27 AM  

cefm: Stories like this tend to focus on a virtually non-existent victim - the individual who owns his own cab and bought his own medallion and drives it for himself.  That's just not a thing anymore and it's one reason why nobody gives a shiat that the cabs are being roasted by Uber/Lyft.  The vast majority of the license/medallions are owned by investment funds and they're leased out at crazy rates to poor S.O.B.'s who kill themselves to pay the lease and still make enough to survive.  It was a shiat system and it deserved to be burned down.  And if some individuals had a $1.5M license and didn't sell it, that's on them.


The first guy in the article appeared to be up about a million dollars at one point.  Not it was repossessed?  Hmmm....not sure if he's that dumb or what.  It also looks like auction prices are way over what he would still owe.
 
2017-09-12 01:44:52 AM  

edmo: Mugato: WTF is a NYC taxi medallion? Do they point out the Well of Souls?

It's not the free market.


Great! Because no one, at any point in the process, intended it to be. Not should anyone want it to. The free market massively sucks, and up until about 100 years ago, everyone implicitly understood this. Then the robber barons happened and now a lot of people are idiots about economics.
 
2017-09-12 01:47:19 AM  

prince of peas: Actually, a cab may be cheaper, as a general rule, than Uber in NYC.
https://ride.guru/content/newsroom/uber-vs-lyft-vs-taxi-cost-analysis-​across-the-united-states

I just read an article somewhere that said for rides to/from LGA, JFK, BOS and ORD a taxi was cheaper than Uber. It referred specifically to rides to/from those airports.


A cab is going to almost always be cheaper than an Uber in NYC. And usually by a few bucks. The only exception is if you get stuck in some horrendous traffic and the waiting charge rides up.
 
2017-09-12 02:36:36 AM  
Aww, that monopoly you were taking advantage of no longer exists. Well, you can always invest in phone booths.
 
2017-09-12 09:33:32 AM  
"Soddy, card reader no working!"
"Thanks for the ride."
"Oh, please wait kind sir, I have a spare. My apologies."

/Lyft in SF will route you along 280 regardless of start or end points
 
2017-09-12 09:34:04 AM  

BarkingUnicorn: Uber's been a godsend for me. On the fringe of the Denver metro area, I often wait 1-2 hours for a cab. Uber always has 8-9 drivers within 5 miles of me; I never wait more than 10 minutes. Even though I get subsidized fare for disabled people that make trips under 5 miles cost me only two bucks, it's well worth the extra $3 - $4 for Uber.


Around here the quality of cars is way way better with Uber too. I used to work at a hotel and we'd have to schedule cabs for guests all the time. Until recently the taxis would buy junkers and do nothing to clean or maintain them because if you're calling a cab it's not like you have another option. And the drivers were wildly unreliable, often not showing up even for scheduled pickups if they got a better fare somewhere else.

Uber has definitely forced the local cab companies to step up their game with newer cars and some level of professionalism.
 
2017-09-12 11:00:36 AM  
I refuse to use Uber and Lyft for a simple principal, they hurt the American worker.

It's a shift to providing the same service, but at lower wages and no benefits. Now unregulated drivers around the country make less money working for "ride sharing services" (a euphemism for illegal taxis) than the people who they are replacing did. And a big company is still raking in big profits, just the actual workers in the market got poorer. Another step backwards for the American worker...... again.

NYC's system had it's own issues, but nothing that couldn't have been fixed by ignoring the US's "investor class", who seem to love farking over utterly everyone in every market they can.
 
2017-09-12 11:31:14 AM  

To The Escape Zeppelin!: BarkingUnicorn: Uber's been a godsend for me. On the fringe of the Denver metro area, I often wait 1-2 hours for a cab. Uber always has 8-9 drivers within 5 miles of me; I never wait more than 10 minutes. Even though I get subsidized fare for disabled people that make trips under 5 miles cost me only two bucks, it's well worth the extra $3 - $4 for Uber.

Around here the quality of cars is way way better with Uber too. I used to work at a hotel and we'd have to schedule cabs for guests all the time. Until recently the taxis would buy junkers and do nothing to clean or maintain them because if you're calling a cab it's not like you have another option. And the drivers were wildly unreliable, often not showing up even for scheduled pickups if they got a better fare somewhere else.

Uber has definitely forced the local cab companies to step up their game with newer cars and some level of professionalism.


Yep, I've noticed that, too.  No smell of puke and a damp towel covering the back seat.
 
2017-09-12 03:06:40 PM  

cefm: Stories like this tend to focus on a virtually non-existent victim - the individual who owns his own cab and bought his own medallion and drives it for himself.  That's just not a thing anymore and it's one reason why nobody gives a shiat that the cabs are being roasted by Uber/Lyft.  The vast majority of the license/medallions are owned by investment funds and they're leased out at crazy rates to poor S.O.B.'s who kill themselves to pay the lease and still make enough to survive.  It was a shiat system and it deserved to be burned down.  And if some individuals had a $1.5M license and didn't sell it, that's on them.


A lot of the individual "victims" where people who purposely drove up the prices of the medallions in the first place, after buying one at a reasonable rate in 1950-whatever, and where leasing them out themselves.

I got no sympathy.
 
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