We Don’t Have The $$$” – Yellow Cabs Block NYC Bridges As Taxi-Debt Crisis Erupts
The reason for this “crisis” is the crony system of medallions used in the city to artificially restrict the number of cabs in the city. Then came Uber. Then came Covid.
(From Zerohedge)
After five years of crashing NYC taxi medallion prices, leading to a number of taxi suicides that we have documented exhaustively, taxi drivers with insurmountable medallion debt (secured by medallions) have been crushed by the virus pandemic.
With the travel and tourism industry in a deep bust cycle, many Manhattan offices empty, sporting and cultural events canceled, restaurant restrictions, scared consumers, economic depression, and city-dwellers exiting the metro area for suburban life, drivers have struggled to find customers this summer, making it nearly impossible for thousands of yellow taxi driver-owners to service their monthly debt payments.
This article was originally posted here: https://www.ac2news.com/2020/09/we-dont-have-the-yellow-cabs-block-nyc-bridges-as-taxi-debt-crisis-erupts/.
