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Sussex
 Post subject: New York cabby's woes.
PostPosted: Sun Jul 05, 2020 5:38 pm 
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Location: 1066 Country
Interesting article from New York.

Not only has this virus wiped out the trade, along with Uber and Lyft taking most of what's left, many Yellow Cab owners have debts of up to $500,000 from buying the medallions (plates to us).

https://www.cbsnews.com/news/with-pande ... e-balance/

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edders23
PostPosted: Mon Jul 06, 2020 10:45 am 
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I remember seeing a documentary on this about 10 years ago and thinking that's a ridiculous price, they will never earn that in a lifetime of working !

I suppose like almost all councils our trade is seen as a source of money they can grab :sad:

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Sussex
PostPosted: Mon Jul 06, 2020 7:33 pm 
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I remember seeing a documentary on this about 10 years ago and thinking that's a ridiculous price, they will never earn that in a lifetime of working !

Not sure the owners ever really thought they could pay back such a price, but they expected prices to increase which would then pay off the loan and guarantee them a hefty profit when they sold the medallions on.

A lesson to many out there who think likewise.

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