Fri, 1 June 2018
The Once coveted $1 million Taxi medallions are now worth $175,000 and New York City Taxi Drivers are committing suicide because of Uber?
Recently, a 5th New York City taxi driver has committed suicide. Many of these taxi drivers own the once coveted $1 million taxi medallion the problem is that currently those taxi medallions are worth $175,000! These taxi drivers are deep in debt and feel they have no way out! Uber and Lyft definitely have increased competition for people needing rides but the real reason these taxi drivers are hurting is because of government! It’s government that created the taxi monopoly in the first place and gave value to these silly medallions to limit competition! How is the government ever for the little guy when the rules and regulations imposed by government make services to the consumer more expensive?