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(CBS New York)   NYC Taxi drivers go on a hunger strike to protest debt relief. Guess those deals at Gray's Papaya just isn't covering the basic calories anymore. Serfs   (newyork.cbslocal.com) divider line
    More: Obvious, Debt, Black-and-white films, Loan, New York City, English-language films, American Broadcasting Company, Sex and the City, Mayor  
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259 clicks; posted to Business » on 21 Oct 2021 at 7:55 AM (6 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2021-10-21 8:18:29 AM  
The city created a market for taxi medallions where some cabbies paid over $700,000 for it and only a year or two later Uber and Lyft started operating on a technicality without a medallion, and paid off the politicians to keep it that way.  Cabbies lost a shiat ton of money.  Unless they file a lawsuit over losses incurred by the city due to deregulation, they should default on the loans and hand in the medallions.  They are worthless anyway given the debt load.
 
2021-10-21 11:43:04 AM  
Ah more about their scammy medallion system and how uber and lyft blew it the fark out of the water. Yeah these drivers got hosed and hopefully they can come up with something better but I doubt it.
 
2021-10-21 12:47:34 PM  
Taxi medallions in NYC were insane to begin with. When the cost exceeded $1 million per, you had to hope someone else would buy it off of you when you retired. I don't think anyone made enough off of fares to completely pay off the loan, and I don't believe anyone started driving a taxi who could pay for it in cash at the start.

/drove taxi in Detroit for a few years
//bought a used taxi and the license (medallion equivalent) for $5,000
///COMBINED!
 
2021-10-21 3:28:19 PM  

Northern: The city created a market for taxi medallions where some cabbies paid over $700,000 for it and only a year or two later Uber and Lyft started operating on a technicality without a medallion, and paid off the politicians to keep it that way.  Cabbies lost a shiat ton of money.  Unless they file a lawsuit over losses incurred by the city due to deregulation, they should default on the loans and hand in the medallions.  They are worthless anyway given the debt load.


I think I speak for anyone that ever took a cab

i.imgflip.comView Full Size
 
2021-10-21 9:42:32 PM  

Intrepid00: Northern: The city created a market for taxi medallions where some cabbies paid over $700,000 for it and only a year or two later Uber and Lyft started operating on a technicality without a medallion, and paid off the politicians to keep it that way.  Cabbies lost a shiat ton of money.  Unless they file a lawsuit over losses incurred by the city due to deregulation, they should default on the loans and hand in the medallions.  They are worthless anyway given the debt load.

I think I speak for anyone that ever took a cab

[i.imgflip.com image 850x943]


This.

Trust me, I know.

This whole thing annoys me. If they bought a medallion for $750k-$1 million and thought that was a good idea, it's your fault.

Cabs have ALWAYS sucked. They did nothing to improve the condition of their cars, they drive like assh*les who piss everyone off.

Something better came along and everyone bailed on cabs. What's hilarious is they're STILL shiatty.

Now tax payers are going to have to bail them out? Why? Walk away from the loan and do something else for a living. They need to stop propping this industry up and get rid of medallions altogether. They shouldn't be sold like a commodity, it should cost the same every time they change hands.
 
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