RIDEGURU
"A string of five apparent New York taxi driver suicides in five months has advocates concerned about the impact of Uber and Lyft, as well as the loans cabdrivers have relied on to purchase taxi medallions."
Some of these drivers have 3/4th of a million dollars in loans to pay for their medallions. With Uber and Lyft it is getting harder for these drivers to make enough to pay off there loans. So sad.
Comments
I feel bad for all those taxi drivers who took out loans to purchase medallions. Owning medallions used to be an investment vehicle, sadly it didn't pan out for many drivers.
Have you all seen this argument on why Uber is NOT to blame from Forbes?
Chain Here.
You know, in 10 years this exact article will be written about Uber drivers. It will all come full circle folks.
Really horrible. However, I can't help but feel that this really shouldn't be blamed on Uber and Lyft. The medallion system was a scam from the beginning, and local governments should have made it right for these folks.
I agree - this is all the greedy govts fault. Those swindlers.
After 32 years behind the wheel , I have seen my fair share of unjust practices and it seems that the politicians sleep well at night but when the Man upstairs comes calling they will answer and I definitely would not want to be in their shoes. The TLC has spent millions of dollars on software data analysis just like Uber and is making quite a profit from doing so. Where is this money ? Many years ago the TLC proposed installing meters in FHV s but it was buried by the taxi alliance and now this is the perfect time to reintroduce this idea. This would solve all the envelopes under the table and the power struggles beween the app giants and local governments. It would also benefit the drivers to earn a decent living ,pay their fair share of taxes and to have a cap on the amount of for hire vehicle. My heart goes out to my fellow drivers who ended their lives for peanuts and this America I know and love has failed many people who want to work and earn their way.
This is so terrible, we need to work on mental health in this country.