Cabbies Defaulting on Loans as Value of Taxi Medallions in NYC Plummets
Polly Mosendz and Shahien Nasiripour, Bloomberg
A couple of years ago, taxi medallions in New York City were selling for $1.3 million. For many years the taxi industry thought their business -- which saw the number of licensed taxis in the city capped -- was an unending gravy train. Cabbies in many parts of the world are finding they will have to adapt to on-demand services or see their businesses die.
4 months ago