Cab Drivers Are Drowning in Debt

Thanks to predatory promises and seemingly false claims by the New York City government, thousands of taxi drivers are drowning in debt. To raise money, the city artificially inflated the value of taxi medallions — basically, operating permits — by over 500% and marketed them as a way to fund people’s futures. In truth, the medallions’ value plummeted from over a million to 80,000 USD, destroying the finances of those who bought it, even as they fight against Uber, Lyft, and the pandemic.
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