NYC Taxi Medallion Owners Are Screwed

[@VICENews]

VICE News met with three medallion owners to see how Uber is affecting their lives. Watch Next: What it likes to be an Uber driver in a city you can't afford to live in - bit.ly/2x1ayE4

[@giff74]

Just a few years ago a medallion was an investment, one that in major cities pretty much always paid off over time.

[@adunchoudhry8020]

VICE News I

[@vilecrocodile9171]

Kinda reminds me of a college degree lol

[@nuckythompson5677]

VICE News As a California Attorney, I feel their pain. But this is only half of the story: Vice failed to hold NYC bureaucrats responsible. Just as the State Bar of California (along with the ABA & the other 49 state bar associations) refuses to stop Legal Zoom along with hundreds of thousands of illegal and unlicensed paralegals from practicing law without a license, NYC coffers have filled up by selling medallions with the expectation that these taxi cab drivers would have a monopoly in NYC. These bureaucrats got rich by promising something they never had any intention to enforce. Moral of the story: the government is evil. Dont trust the government, because they will screw you over in a fucking heartbeat. They ought to be shot.

[@thisismagacountry1318]

EQ-smoove Muslims would disagree

[@nightrider3067]

I feel sorry for these guys...i really do.But the taxi cab industry deserves to die.They cost too much and the service sucked

[@PastelFroggy]

yeah but it's bullshit the gov't protected them one day, then the next day turned their back and allowed uber. I'm all for competition but the gov't should buy back these medallions for screwing these people over. It's not the taxi driver's fault this system was created

[@giazadora7030]

@@PastelFroggy the government sucks..get used to it💝

[@Tom-pf7xw]

...the service sucked...because they had no competitors like uber. When uber pushes yellow cabs out of the market, their service will also suck, because they will have no competitors like yellow cab. Uber competing with lyft you say ? Nah... at some point uber will just buy lift. Or the other way around, who knows...

[@LinkII08]

Those cab drivers were so nasty and had a chip on their shoulders. Now they’re humbled

[@dramafreak7122]

I have noticed that the fare for Yellow Cabs has actually gone up

[@rexflores8461]

I tried to stay loyal to the NYC taxis but almost every ride I had my driver would do a combination of driving slow, take a longer route, and offer to drop me off somewhere they thought was more convenient to run their meter that has mandatory tipping

[@wintertarzanjagrup2527]

Yeah they scam alot

[@Mandrew_]

an avg uber for me to my school is 40 dollars, the avg in taxi fare 140 dollars. these fuckers need to adapt or perish.

[@TRAVELLINGCHANNEL1]

@@Mandrew_ you live in NY and your school is in Boston?

[@irish327rose5]

@@TRAVELLINGCHANNEL1 could be college travel twice or more a week, job training, etc

[@Skatelifefool]

They're trying to get more fare to pay off that medallion

[@Astro201281]

"If you don't look after the customer, they will look after themselves "

[@suvamkumarsarangi6593]

So true

[@izzyDRASTIK]

I unliked this just to like it again 👍

[@wallacereid1982]

Soo true bro

[@LearningEngineercom]

This has nothing to do with customers. This has to do with New York regulating something that it should never have regulated in the first place.

[@Astro201281]

@@LearningEngineercom the same thing basically happened here in Melbourne with taxi licenses, however the government bailed them out giving them 100 k a piece. If you think it's got nothing to do with the customers you're wrong, uber has been built on an existing demand and people were fed up with taxis having a monopoly on the city.

[@DanielLy1200]

This is too bad but these cabbies had a monopoly for many years and disruption was inevitable.

[@KNByam]

Plus the fact they pick and choose who they want to pick up if you know what I mean. Sadly every black person knows that feeling of hailing a cab not knowing if they will stop for you, but with uber you click a button and you're done.

[@samuelaugustine9]

bigbullbk yupppppppppp

[@ArshadKhan-ys9ey]

Daniel Ly it’s the TLC for the artificially inflated prices in the first place!

[@privatepylesjellydonut4253]

Monopoly. Exactly. Now they're seeing that they're not the big shining light anymore. Scumbags

[@darnwarn]

C'mon dude. That's a little harsh. I don't know what you work as but when it's time to retire I'm gonna come to your work and have a little chat about extending your retirement another 20 years. Just saying.

[@disastermaster85]

up to $1M for a Taxi Driver License? That's complete madness! even without uber..

[@BryanChandler]

Cronyism 101.

[@JessixaEBM]

its supply and demand. There is only X number of medallions and that number never changes. As taxis become more and more demanded, the value of the medallion increases, because there are no new medallions being issued. But then a service like uber comes in, and says we will just operate without the medallion, now the medallion has less value and comes crashing down. So you see, its not complete madness, there is method.

[@ahmadjabaly]

Jessika Farrar. congrats u must've just gotten into collage as an economy major, but hey u don't need to be a smart ass he obviously was referring to the medallion system being "madness" which it is there should be a simple license system.

[@Lobos222]

+Jessika. While the medallion isnt perfect. It also makes sure that those who work within the "personal transport" industry can make a decent wage doing so... With Uber, and their scam of not taking allot of costs into account. Car wear and tear, insurances etc. They are basically scamming both society and their drivers. Because the driver wont notice that the reason hes prices are cheaper. Is because hes actually using part of the car value on lowering hes prices. In short, once the driver in some areas need to upgrade to a new car, they cant, because that cost wasnt included in the prices and they dont have enough funds to get a new one. Ubers solution? Out goes that driver and in comes a new sucker, that also doesnt know that until 6+ months down the line. Its pure exploitation and it shouldnt be legal!

[@crankdatstereo]

cost of doing business old style taxis charge too much

[@msteele1999]

-super expensive and rude to customers -customers move to Uber and lift *surprise pikachu face*

[@Ro7777]

@superfuresh why pay for a cab when i can take Uber???? Just why??

[@Ro7777]

@superfuresh but whats that got to do with Right Now. None of what your saying has happened yet. Im still paying like 99 percent less than a taxi and i dont have to deal with idiot rude foreigners.

[@ljpal18]

@superfuresh such foolishness you say

[@elysium76]

superfuresh same for Taxis

[@flameooe]

superfuresh Wow man you are a genius. Let me pay 200% more for a ride with a NYC taxi instead of uber because of “idiot foreigners”. Brilliant.

[@chetmanley8755]

Sucks for these guys, but that was a broken, greed driven system. A million dollars to drive a cab?

[@jont2576]

chin(k) from asia here......wrong.......the cab driving is free,u paid a million dollars not to have any competition.......its like owning a license to operate a coffeeshop on 5th avenue and no one else could open another coffeeshop within a 150m radius......its like paying the mafia or yakuza a protection fee u know?so no one else would come in and compete or interfere with u.

[@ads2686]

If you think this is bad go check out how much it costs to sell hot dogs in New York.

[@sanansa4567]

@@ads2686 It varies greatly depending on the location. It's still a very lucrative business if you can get some good spots, without be shaken down by the Italian Mafia OR pushed out of your spot by the Russian Mob. I remember someone telling me about a guy who got a spot near Central park, but then some Russian thugs came along and told him to MOVE, he refused. So the next day an unexpected 'accident' happened when a van crashed into his cart, destroying it. There was another immigrant from Mexico who saved up enough from having multiple food carts, that she was able to open a nice restaurant, and then eventually a very successful Florist shop.

[@nightshadegatito]

Greed driven haha. More like driven by the general idiocy of the public that allows and approves of government policies which create these situations. It's not the nature of these useful idiots.. I believe we are all intelligent. It's just.. well, the world is growing up. This is part of our growing pains.

[@ladamadenadie1658]

@@jont2576 thanks for that explanation... I'm over here like, what the hell is a medallion?

[@colmab7595]

High prices, bad service. Practically no economic utility whatsoever. Good Riddance!

[@nolaneland3498]

Bad service? Just asking I've never been in a cab before. But really though, bad service?

[@sethbuckwald9526]

Taxis = blockbuster. Uber = netflix

[@TheInator1234]

@@nolaneland3498 to put it frankly, I've never had a good experience the handful of times I've been in a cab. Uber is much better.

[@danieljoseph8120]

Cab drivers aren't all bad but i would say the majority of experiences are unpleasant especially if you aren't familiar with the route they will take the long way to maximize how much they can bilk from you, a 10 mile trip shouldn't cost 50$

[@joshooahh]

Bad service? You get in a cab and go. What gives

[@quakeroats6792]

Can’t feel sorry for cabbies after all they do charge $5 per mile in many cities.

[@Codi892]

$5 a mile!? Good Lord. It is less than that in Chicago. I took a cab recently and it was .50 cents less than Uber and Lyft to where I needed to go.

[@hunteralbright3880]

In DC a 3 mile cab ride at non peak time is going to cost you 40$

[@notsurex]

now they have that damn mta fee on top of the already 2.50 fee. screw them

[@hanbulban3131]

Yep total scam

[@TheCerebralDude]

NYC cabbies don’t set the rates. The NYC Taxi Commission does

[@usptact]

Back in the day they said that the medallion is financial security. Remember this when somebody tries to sell you something that will guarantee financial stability to you.

[@Thefunkeemonkee]

Vladislavs Dovgalecs Good point!

[@TheModernInvestor]

People might not have seen this coming, but it was evident around the mid 2010s, the world is changing sooooo quickly and it seems like older generations aren't able to keep up. Taxis are expensive as is... So why wouldn't people be more inclined to take uber to get around? Cab companies in Paris were burning uber cars on the high way before.... If taxi fees weren't so insanely high, people might not look for an alternative. And I mean, a million for a medallion was crazy in and of itself.

[@Wise2daGame]

Those rock bottom prices is at the expense of the driver.

[@andypeterson2126]

Hey modern investor you watch same videos I do 0_o

[@got.o1296]

The Modern Investor I agree

[@RiskyRich_Gaming]

Jay Cee Picking up and dropping people off is not a skill. That’s why the pay is what it is. Taxi drivers been raping passengers for decades world wide. It’s about time they get off the road. Too many cars on the road anyway.

[@SuffyanTariq]

It is very much a skill. Go drive a cab for 12 hours a day in Manhattan then talk to me. London requires you to know 1200 street names by heart. Everything seems easy until you have to do it.

[@MrNickachu]

The medallion system was made to keep people out of the taxi industry. These people were forced to play by rules government set and this is the result.

[@AdamMM-hq3gv]

They probably should have considered other career paths. That medallion idea sounds like a total scam.

[@metamorphicorder]

The govt didnt set them. The taxi industry bought into govt and then set rent seeking and exclusionary regs to bennefit themselves.

[@MrNickachu]

@@metamorphicorder ah yes, you're right. That's a more accurate description

[@ethanlee-c3d]

57000 in 1980 and 100000 in 1987 was a lot of money back then. Oh my god. They say they can’t sell it??

[@Tuberoth]

Unfortunate but we can't halt progression because of an archaic system.

[@danieljoseph8120]

Agree but unfortunately they reached a settlement here in Canada at tax payers expense as usual.

[@rodolfodoce]

what is this so called progression? exploitation of more people in a crumbling economy system, this new companies only rely on more exploitation, just look at how much a uber driver makes on the mile. i hate cab drivers don’t get me wrong, in lisbon where i am from they are the biggest crooks, and i use uber most of the time, however i don’t believe this so called progression i think this is a fake solution. the working poor are suffering, and the rich are getting richer. also the planet is on the brink of disaster, wars, climate change, religions sectarian violence, economic collapse.

[@johnnymcblaze]

@@rodolfodoce Climate change?😂 Just call them seasons like everyone else. There's a reason they don't say global warming anymore. To many people found out the earth was in a cooling trend.

[@danieljoseph8120]

@@rodolfodoce the progression is 1 touch button service, i pull out my phone i click send Uber, then i can track where they are up until the second they arrive, i need no cash because my Uber account will debit the fee directly from my bank or credit card, the driver is usually polite because they depend on a rating and they want a tip, i can also send someone home in an Uber at my expense rapidly and easy, there is many examples of how this is progress if you need more i will be happy to help.

[@rodolfodoce]

@@johnnymcblaze www.theguardian.com/australia-news/2019/jan/17/extreme-heatwave-all-time-temperature-records-fall-across-parts-of-australia phys.org/news/2014-03-southern-hemisphere-climate-clearer-global.html www.climatecentral.org/news/in-global-warming-northern-hemisphere-is-outpacing-the-south-15850 qz.com/1341978/extreme-weather-why-the-northern-hemisphere-is-in-a-heatwave/ public.wmo.int/en/media/news/2019-starts-extreme-high-impact-weather

[@utleychase7]

Sadly I can't care enough. I want service in NYC and there has been countless times where they CHOOSE not to give me service. I've been rejected and waved off DOZENS of times in NYC for a cab ride. Most of the times theyre doing it to themselves. LYFT has always been 100% there for me, and guarantees me a ride, rather than making a wish and risking on waving a cab down.

[@tacuachandocuh8233]

Just get a car

[@chelseaowen6492]

alex y haha no

[@mmsibi]

Max P. Bullshit....lol. medallion drivers aren't infalliable

[@snoopyshultz]

um you jump in the cab you dont stand by the window and ask if they want to drive you lol first off it's illegal for yellow cabs to refuse a ride. second youre a dumb ass for not just jumping in and threatening to call the police if they tried to kick you out of the car

[@tacuachandocuh8233]

Chelsea Evans why not

[@TopHatRonin]

As a Black Man who struggled to get Cabbies to stop for me; I welcome Uber & Lyft with open arms.

[@Approvedhalalmemes]

That’s fucked up

[@smokeypuppy417]

You guys dont tip and your women bring their babies/ toddlers without car seats and get mad when I tell them I cant take them because no car seat and they dont understand why.

[@TopHatRonin]

@@smokeypuppy417 "You guys"? Precisely why I support Uber & Lyft. Thanks for proving my point ✌️. Karma is a B.

[@owenbelci2644]

@@TopHatRonin oh nah you're going to let him racially profile you like that?

[@DDR88767]

@@smokeypuppy417 cab drivers dont deserve to get tipped. What exactly do they do that warrants a tip? Do they go above and beyond the cab ride? They take you from A to B just like you pay them to.

[@anonymousguy7723]

Yellow cabs used to ignore minorities, and disabled people, then uber came along. I prefer uber because it's better and cheaper. No more smelly, incense smelling yellow cabs. Their drivers are more professional and I know ahead of time exactly what my fare will be and when they are coming. I also get to pick the type of car I want so I can stretch out my leg or store my shopping bags. Uber cabs go everywhere, yellow cabs are know to be yellow, scared to go to certain neighborhoods. They either lie and tell you they are getting off their shift or some other lame excuse. It's also safer because I'm using a credit card as apposed to cash. How many times did a yellow cab take the long way to your destination to run up the meter....? If yellow cabs were serving the public, companies like uber and lyft would never have taken off. People are tired of the B.S. That comes with using yellow cabs ... I'm tired of having yellow cabs take advantage of me and take me for a joyride....!!!!!

[@luminouscali]

Best comment here. Uber and Lyft took off for multiple reasons not just lower prices.

[@cutthechicken194]

YES! YES! YES!

[@infiltr80r]

The thing is, ALL taxis should also incorporate a ratings system - if the rating gets too low, they lose their license to drive. In a restaurant, if there is a dead rat in your food, you wouldn't pay for it. Why is it that taxi drivers can do the same to you (take the long way, ask for extra in some countries) AND nothing happens to them.

[@ShantyIrishman]

Exactly, yellow cabs are fucked, but they did this to themselves.

[@burbingberries6917]

👏🏾👏🏾👏🏾👏🏾👏🏾👍🏾

[@MVS.NEOGEO]

"I made an investment and it declined in value, unfair!"

[@bp56789]

Without any diversification. Making one big bet that transportation options wouldn't improve lol.

[@mbishop5669]

No sympathy. Your industry is known for trash service, cars and lack of professionalism and common courtesy.

[@FirstnameLastname-pe5ib]

You must not be from ny. They're all newer model camrys and hybrid suvs with televisions and card readers. Did you want a massage also, ya entitled douche? 😂

[@mbishop5669]

Brian Kennelly camrys? Lol, don’t set the bar too high for yourself.

[@ayyy3606]

Brian Kennelly most of them are actually dirty cars from the early to mid 2000s with a “tv” screen that shows you great advertisements. The card reader is usually held on by tape too.

[@shb7669]

J B you’re not a New Yorker your opinion doesn’t matter

[@FirstnameLastname-pe5ib]

@@ayyy3606 False. I was literally in midtown a few hours ago. Sorry your cab wasn't a chaufer. Sorry your cab wasn't a tesla or 2019 benz and that camrys aren't good enough for you. These people are not rich. Lmao you're not making any sense.

[@pottant99]

Trying to get a cab was the hardest thing to do if you were a minority . They would look at us and say no all the time. When we would get a cab they would rip us off with meters that were messed up terrible customer service cause they had no liability. And the fees that came after the ride was over were terrible. And now they act innocent in what they caused. Foolish people! You screwed millions of people for years and now you want us to feel bad for you ?

[@happybabyblue27]

ryan ball its not weird. Minorities can be racist towards each other and think only white people can afford it

[@TheLillianYoung]

Exactly.

[@AR-gu2no]

victimization mentality

[@TheLillianYoung]

logical ancap Racism justifier mentality.

[@AR-gu2no]

where is my sentence did i say minorities are intellectually inferior ?? do you even know the actual definition of racism? assuming because it was hard to get a cab sometimes is automatically because of your skin? its hard for everyone to get a cab , again victim mentality , if people stop thinking like you we can actually get somewhere , like what morgan freeman said "if you want to get rid of racism stop talking about it" or else you guys will be like the boy who cried wolf, when actual racism occurs nobody will listen.

[@Chalky.]

You can't always rely on a business that once had a monopoly to keep that monopoly.

[@carloalberto4132]

@@jont2576 not sure that would be legal (nvm)

[@GeraldHarris-cf2zh]

Exactly

[@Saffrone221]

Cab takes long trip to a short trip. Charge $20. Uber take driver and drop to expect destination at $7.

[@cisco245]

I work in the airport and take uber from time to time. I had uber drivers take longer routes than usual, saying there's road work on the Route BS. Good thing your trips are recorded and see the route you usually take, you can complain and get some reimbursement from uber. I'm afraid that there are uber drivers as worse as these yellow cab ones.

[@galaxymode]

@@cisco245 idk about where you live, but uber here charges a flat fee to the shortest route. So if the driver takes a longer route, the driver's loss. The driver here tends to take toll roads because it's shorter and faster and less jam. So they save their time and distance, while customers pay for the toll.

[@C.U.N.Tahiti]

How did this get so many likes when it makes no fucking sense at all??

[@Mandy-cn8sq]

Uber is also expensive now

[@Saffrone221]

@@C.U.N.Tahiti you have 0 like ahole

[@throughmyeyes9940]

how many times have people begged empty yellows and get refused cause they were giong in the "wrong" direction F-em now

[@IonelG56]

It isn't Uber's fault. They just offered a cheaper, more quality product. It is the politicians fault for putting a cap in the first place. They created a bubble market for medallions by artificially making a limit to the number of available taxis. And all bubbles pop at some point. If it wasn't Uber, it would have been something else.

[@matthewmeek4289]

Cab drivers created the medallion system not the politicians

[@IonelG56]

Really? So how would cab drivers have the possibility to impose a cap on the number of cabs in the city? Only the state has the power to enforce such a thing. And now to back up with facts: The medallion system was introduced by mayor La Guardia in 1937.

[@hhiippiittyy]

Wall- E Don't trust people named after airports. ;)

[@car9race]

Uber and these other phony e-hail cab apps need to be placed a CAP! They certainly dont pay the variety of fees a Medallion owner pays, never. Uber rips their drivers off, which is proven.

[@IonelG56]

Any arguments for the CAP? And what if we don't make Uber drivers pay all the taxes and just fight for them to be eliminated for taxis also. This way everybody wins. Taxis, Uber and especially clients. a much better solution.

[@shawnxlu]

Got rejected of a ride, got trashes talked to because the driver was on something, got yelled at because I close the trunk "harder" than the driver preferred. If they think they can provide crappy service and get away with monopoly, they deserve to be where they are.

[@mikeysgametime8914]

U got reprimanded for slamming someones trunk....and automatically they are on something lol u sound stupid asf

[@isthistwitterbruh]

@@mikeysgametime8914 learn to read tard

[@jdlc903]

You sound like a scumbag,the taxi monopoly was a society / local govt initiative

[@MIT2004]

So basically they are complaint be they are losing their monopoly.

[@JulioLopez-xz5kx]

Exactly. Waa waa waa😭

[@ggman1254]

Not them, the drivers are relay screwed, as they went into depth to buy a license witch is now worthless, The one screwing everybody was the governement for selling those licenses at that price.

[@flow2528]

mitino aiken That monopoly is moving to Uber's hands, very dangerous.

[@VlOREL]

mitino aiken They PAY the city of NY for the monopoly, therefore they're ENTITLED to have the monopoly. After paying so much modey for a medallion, it's obvious they get mad when any random dude with a car, a phone and a face (search "Family Guy - Uber Driver") do the same job.

[@VlOREL]

Truthfears Guilty The cabbies did not put up the monopolization, NYC did. The cabbies just wanted to work so they had to buy the medallions.

[@abc123icuucme]

A service that picks up all people regardless of their race or where they're going is replacing a service that wouldn't. Imagine that.

[@krystingrant6292]

Funny how life works huh

[@IanBFootage]

You guys should watch the movie "Taxi Driver" from 1976. In this film, Robert DeNiro talks about how a lot of his coworkers refuse to pick up "spooks." This movie documents American racism well. The USA is a damn shame. Donald Trump didn't come from nowhere. So many Americans are fucking racist - it's part of their culture - and they pass it on to their children.

[@JrVtec]

You tell me how you'd you feel about picking up 2 of "those" people sagging their jeans walking out the projects. It's a proven fact they like to run out and not pay, You're going to keep picking them up?

[@Tuppoo94]

It's a lot easier to feel good about picking up someone when you get all their info beforehand and there's no way they can slip out without paying the fare. This is something that taxis never had, so they learned to be cautious.

[@c.b.jersey7304]

Krystin Grant I agree but watch this comment bring all the racists out.

[@PFC_50_Grand]

It used to cost me $200 + tip to get home from the airport 1 hour ride. Screw taxis!💯

[@tylerrjohnson68]

You could've rented a car for that amount

[@PFC_50_Grand]

@@tylerrjohnson68 wow that comment was 2 years old already damn!

[@tylerrjohnson68]

@@PFC_50_Grand yeah, make up for inflation and you could've made a down payment on a used car

[@haydenfowle7576]

I dont feel sorry for them they had this coming if they offered app base service, kinder to passangers and Match Uber and Lyft they would survive

[@galvinstanley3235]

Good thing I live in Dallas,TX, taxi companies have to compete for your business.

[@gingergreek]

the medallion is just a chrony trapping system. completely pointless

[@vikramrulesrox]

Occupational certificates and licenses are huge scams to keep lower class people out of higher paying jobs and letting companies charge a lot more for services.

[@ronaldburkholder7895]

vikram that's not to say the world doesn't change and things don't turn into scams but don't throw the baby out with the bathwater

[@ronaldburkholder7895]

gingergreek it's a hipster race to the bottom the world is your Walmart let them eat hot pockets

[@vikramrulesrox]

Their is value in some occupational certificates but the bar to get and complete them is far too high ( cost and time commitment.). Occupational safety training should be provided by the employer and should be a requirement by law.

[@yemo34]

This is what you deserve for buying into and believing in the system. How's that bootheel taste?

[@KillerChair1]

As others have mentioned, these guys have held us hostage for far too long. No pity from me. Back in the days we had no other option but to deal with it, not anymore! There's been countless times when I've been kicked out of a cab because they refuse to take me to a specific outer borough location. I once had me and my entire family kicked to the curb because our destination was not within Manhattan. Thank God for UBER.

[@williamleewolverine]

I have to agree. My mom, sister, and I took a cab to Carnegie Hall and the guy got upset that my mom didn’t tip him. He got out of his cab and basically got in her space. She gave him change. Never again. Cabs can suck it. Uber and Lyft is better.

[@LittlebigG]

I’m not sorry at all, these guys will change you 150$ from manhattan To JFK plus a tip!

[@ProjectGibix]

And pretending that there's a 'shorter' route to get there lol

[@Keenonf]

wrong. Its a flat rate of 50. plus tip.

[@Keenonf]

@Tom Evers If you're flying into an airport and taking a taxi into Manhattan, theres literally signs everywhere that state that its a flat rate of 50 bucks. Odds are that if you're a visitor staying in Manhattan and going to the airport to fly back out, you Flew into the same Airport so you would have seen them upon arrival. If you missed those signs and still get ripped off 🤷🏾‍♂️Even googling how much a cab cost from the city will tell you that. Not saying that cab drivers dont ever do people dirty, but this is a case where its pretty hard to do unless you use one of the private black cabs which are a whole different story from this.

[@Keenonf]

@Tom Evers but I made my comment to someone that made a claim that cab drivers will charge you 150 to go to the airport and that he didnt feel bad about the medallion situation. Again, I'm not saying that there arent drivers that rip people off, but if you are aware enough that theres a crisis going on with the medallion industry and yet you dont know that a cab to and from the airport is 50 bucks, we're not talking about some over seas sea traveler where English is their 2nd or third language. Generally speaking, if you're an American traveler traveling by cab to or from and airport, even if you get into the cab and they dont ask how much it costs to go to the airport, the TVs in the back play literally every 5 minutes that travel to airports is only 50.

[@june2420111]

yep, it can actually be more expensive and take you longer to get to/from an airport than an actual flight.

[@barneymiller7894]

Uber is way more reliable than taxis in my city, thats why i stopped using yellow cabs over a year ago. Is uber hurting the taxi industry and meddallion owners? Honestly i couldnt care less, i get better service from uber so ill continue to use it and if the taxi industry wants to survive they will have to adapt to the new market, and start treating customers better.

[@skylarmontgomery3190]

And that is why capitalism is the best market.

[@amritsingh8918]

and Uber drivers get paid worst than taxi drivers (less than $4 an hour). If u were in a car crash in an Uber car guess what Uber aint paying for it, u gotta pay it out of ur own pocket. If u were in a car crash in a Yellow car, u make a claim and be automatically payed for your injuries

[@amritsingh8918]

dumbass

[@Tom-pf7xw]

There will be a time were yellow cabs will be forced out of the market by uber and lyft-alike companies. You could consider it a monopoly. Service, as well as the driver's salary will go down while prices for the customer will go up. This is what is already happening. And then everybody will be reminiscent of the good old yellow cab days. Capitalism at its finest.

[@PlaTinuM7411]

@@Tom-pf7xw Lol u can t really believe that

[@JagjeetSingh-dw9qc]

Sounds like the radio host getting angry at the television

[@m.w.6526]

Not at all, bad comparison. These are workers. Workers who are now stuck in a money pit.. how could they foresee the future?

[@BassGuitarGuy128]

video killed the radio star I guess Uber killed the taxi driver....? New hit single, coming soon, maybe....

[@m.w.6526]

Give it 10 years, taxis will be a thing of the past.

[@samoto22]

hello brother

[@calebmallen]

The cassette tape factories could use a government hand-out as well!

[@EUROVISIONYC]

I feel sorry for them but as a person living in NYC I can tell how difficult it is to take a taxi in the city. Even when they are empty they don't stop

[@blakdfje]

Moral of the story, don't put all your eggs in one basket even if it seems like a safe bet at the time.

[@Rust_Rust_Rust]

“Put all your eggs in one basket and then watch that basket." - Andrew Carnegie

[@zacharycollins6548]

Some people only have one egg.

[@Charles-yq8vv]

That's not the moral of the story... you completely missed the point.

[@shittykittyification]

blakdfje That's marriage! Lol......

[@jahjoeka]

blakdfje the moral of the story is that the fucking worker lose again.

[@emanoeltaheri183]

Welcome to 21st Century..... No More rip off Taxi companies

[@Pupsker]

@@Draw3524 and government

[@johnjohnson70]

We ALL have to adapt...nothing new ever came without consequences. No matter how young or old...just my opinion.

[@thefleet1554]

@@Draw3524 aka competition and fair market prices and pay rather than a government enforced oligopoly

[@jdmstyleh22a]

Back in the day this cab company had the monopoly in our town. A 10$ uber ride would be 40 with the cab company.

[@dylanmccallister1888]

@luis hernandez they're way cheaper Are they rip off because a 12 dollar Uber ride in a taxi costs over 20 here and you get to ride in a fleet vehicle? I rather ride in a newer car a few years old than in a Taxi. And pay less.

[@dramatime101]

Karma for all the yellow cans that didnt want to pick me up .

[@coreyfish7177]

Really bro? To not want to pick you up just because, is the equivalent to driving by a bag of money. Were you drunk and puking at the time?lol

[@dramatime101]

@@coreyfish7177 naw I need to go to the bronx lol

[@coreyfish7177]

@@dramatime101 so much for "woke" NY.lol

[@GeraldHarris-cf2zh]

@@coreyfish7177 you sound stupid the notorious for not picking up black dudes because all black dudes gonna rob them.

[@unboxviews]

Guess what, when the car got invented. Everyone who bought a ton of horses also lost.

[@pleasuretokill]

Welp. Times move faster today and cab drivers are getting rekt and will continue to. Adapt and overcome. Don't like it? Create something better. Uber is cheap and convenient. I will use it. Cabs are nasty, dirty and I don't want to pay for a cab drivers worthless medallion. Change with the times or get changed BY the times. Your choice.

[@Kaid2323]

Lol... True

[@ABEL-cd2sp]

Abhijeet Kundu hey from someone who actually knows shit about horses it depends on the kind of horses you're using there are different races for different jobs and yes you would still be at a massive loss. You can't put set example a race horse as a carriage horse.

[@nutlover3609]

Least you can eat that horse.

[@shimes424]

Leasing out a city permit was your retirement plan?!

[@TheRagingsayin]

Scott H yea if your that stupid you can't blame anyone but yourself.

[@shimes424]

@@TheRagingsayin *you're*

[@reponut12345]

@@shimes424 yourrrrrerer

[@ReddFoxx1562]

Why is that a bad retirement plan

[@Emiel3673]

@@ReddFoxx1562 Rewatch the video. You'll know why.

[@mobijay]

I remember many drivers refusing a ride to Brooklyn in the middle of the night. A driver also charged a large bag as an extra person. Screw them.

[@mikepez]

Like any long term investment, the decision to purchase a medallion and/ or base your entire financial well-being on that was foolish. Greed deserves nothing but complete and utter financial ruin. Not to mention the program was entirely based on corruption, where you “had to know someone” to get your medallion. The city basically gave organized crime a legitimate monopoly on owning street transportation. Too bad, but serves them all right!

[@jaydubs6354]

Agreed. Sucks to suck 🤷🏻‍♂️ sorry fellas no one wants to ride in your overpriced disgusting cabs and as technology is one to do they made a solution and are the better service. Like you said it’s a poor financial decision but cmon these guys took out massive loans and apparently didn’t consider that one day they’d be replaced by a better service

[@MistressOP]

I remember being a black person in NYC and my mother not being able to get a cab. Neither could my brother when he was with my mother. I sprine my arm had it in a make shift sling. My mother was trying to get a cab desprately. They wouldn't stop. That was mostly the yellow taxi system if your black. I hope these folks get bailed out but damn it was a bad system back in the day.

[@yozzcta]

Miss O.P. dude grow a pair of balls. They are grown up men that made mistakes. Its not our problem.

[@tomamsen6156]

As I said, don't pick us up, die after a life of poverty and suffering, lol.

[@tomamsen6156]

Type into google "2045 America", black people's last and greatest revenge. muhahahahahahahahahahaha

[@KayleeCee]

Goddamn, so many racist cunts in these comments.

[@tomamsen6156]

Nothing you can say to me will hurt me, if at all, as much as 2045 will hurt you and there's nothing you can do about it, our perfect revenge.

[@The_Notorious_N.O.E.]

The funny thing is that if the cabs just improved their prices and quality of service they could remain competitive and not worry so much about other uber-type companies. But you know they won't so it's really their fault that they're dying out 🤷‍♂️

[@occif2023]

They could join uber or lyft to supplement in my opinion.

[@AnvilMAn603]

i hvae 0 sympathy for them since they refuse to go to the outer boroughs

[@trolljones4386]

I would not go to the outer boroughs either (more likelihood of being robbed).

[@dodgeguyz]

troll jones They are being robbed........by NYC!

[@KNByam]

@@trolljones4386 You just made the argument why Ride sharing companies are necessary.

[@trolljones4386]

*They are being robbed........by NYC!* No but they are actually are being robbed by the Ghetto People who especially at night rob them. *You just made the argument why Ride sharing companies are necessary* This means dumbasses can choose to go to the Ghettos which the yellow cabs could have chosen before.

[@JM-yl8er]

troll jones Your Fucking Stupid

[@tg9479]

It's called capitalism and innovation. Society is not gonna hold on to the old just to help you make a living. Taxi drivers made a choice, and every choice is a financial risk, positive or negative.

[@Djinner13]

Let's see if you are still singing that tune when you are out of work because of "innovation". "Society" doesn't need to do anything. THe government does. That's the whole reason it exists.

[@j.t.thomas1859]

@@Djinner13 Sounds like socialist bullshit your spouting. What can you expect from someone named mamba Jamba?? 😂😂 Those guys had they're day and screwed MANY over with their OVER PRICED 3 or 4 block drive. Something BETTER came along and ALL OF A SUDDEN they are such nice guys now. 😂😂😂 GO ELSEWHERE WITH THAT NOISE.

[@tg9479]

@@Djinner13 Yep, we should have also helped bail the horse and buggy drivers back then. Also, do you really trust the government to do its job? I can't say I'm that much of a foolish optimist.

[@ThePilot3332]

MambaJamba the government uses society’s money, therefore it must answer before it. Society says “hell no” to permit monopolies.

[@user-hs2hd7wp9g]

I hope Uber (or Lyft or whatever service) takes over, NYC cabbies are just a disgrace.

[@peacelove1429]

As much as I dislike Uber as former driver I used to drive cab and the cab owner used to abuse drivers! There was a Indian cab owner who made his drivers cut his grass among many a-holes! They deserve what coming to them even worst!

[@MsTrish627]

I bet they pick up a black man now. If they're lucky.

[@dzgfdg]

I bet the black man still cheats them tho

[@fhbklyn]

Right! This is one of the reasons I started using Uber and Lyft...cab service without the racism.

[@erickjohnson7703]

Yeah I have a good relationship with uber and the don’t judge you by your race that’s why I hate scumming cab loosers.

[@demh7823]

Erick Johnson BOOM!

[@Wesleyvr13]

STOP SAYING TAXI DRIVERS ARE RACIST, EVEN BLACK DRIVERS DON'T LIKE TO PICK UP BLACK PEOPLE, PICKING UP BLACK PEOPLE IS VERY DANGEROUS IF NOT ASK THE NEXT BLACK TAXI DRIVER YOU SEE.

[@danhemming6624]

The problem with taxis is that you can't trust that they are taking you directly to your destination. I refuse to get a taxi as I have had some bad experiences.

[@ZLL668]

next occupation that needs the free market is real estate agents. There is no reason for them to charge 5% of every sale for doing so little. It needs more liberation to lower the cost for customers.

[@vitaliyburlaka691]

Bushangels that and car dealerships. I don’t want to pay a commission to the dealer for a car I could buy straight from the manufacturer.

[@Tom_Hadler]

Bushangels Their % rates are starting to decline, thanks in part to the online marketplace

[@waywardwind9279]

Manufacturers don't want to deal with the hassle of dealing with customers. They would rather sell to dealers and let them deal with all the headaches.

[@vitaliyburlaka691]

LAURA MERCER Actually, no it’s because of extensive lobbying by the dealers associations of America. Not too long ago you would buy a car directly from a manufacturer the same way you could buy an iPhone from apple. Dealers add 30% to the cars invoice. It’s no wonder they lobbied to make that a law. Here’s an article on that: www.google.com/amp/s/verdict.justia.com/amp/2016/04/25/why-cant-we-buy-cars-the-way-we-buy-computers

[@waywardwind9279]

If manufacturers had to develop the same worldwide sales, storage and service network their price would go up by 30% too.

[@SR-hl5vz]

you heard it here folks " I had one egg and i put it in one basket " ...... Dont do that !

[@HoChiMayne]

Cerebral SR lmao. What are you supposed to do when you only have one egg? You not gonna put it in a basket?

[@jonguyton1]

Put all of your eggs in one basket and WATCH that basket.- Andrew Carnegie.

[@helena3631]

the rule of investing is diversification

[@SR-hl5vz]

@@HoChiMayne well, they didnt have one egg...most cabbies knew they had a monopoly, so they used that to and kept buying more and more.

[@jnichols3]

I cant get my head around how this medallion scheme was ever considered legal. If NY thought they needed to limit the number of taxis, there was a better way of doing it. Have a board decide how many new taxis they need in the next five years and create licenses for these new taxis. Give the new licenses to drivers who meet the certifications and allow these operators to renew each year, as long as they meet their certifications. THESE LICENSES WILL NOT BE TRANSFERABLE! The "transferable" medallion scheme had no legitimate purpose. But what to do now? Out of fairness to those who were forced to buy into this by the NY government, these transferable medallions should continue as is, but no more should ever be issued. All new licenses issued (if an increase in cabs is needed) should be issued to individuals and NON-tranferable. The value of medallions will overtime decrease, either because of new licenses being added, or decreasing demand for service, but no plan is perfect.

[@MikeBova1]

You guys found the only White yellow cab driver in the city

[@lane8a]

Mike Bova He was renting out his medalian until the guy who was paying rent downloaded the uber app instead.

[@ertfgghhhh]

He owned the medallion and was making money off of an immigrant probably

[@imluvinyourmum]

Looks like he funneled his drug money into medallions and lost

[@BluM7861]

Well that really sucks but maybe people wouldn't go to uber if yellow cabs weren't wreck less driving or take "wrong" turns to raise the meter.

[@texasgun2731]

or change 30 bucks per block

[@groundshaker6516]

I bet you know nothing about taxis

[@walkwithkeon]

I’ve witnessed this before my first yellow cab ride became my last. The damn guy wanted to avoid the highways to run up the meter

[@Mrnewyorker718212]

Too many Patel’s

[@dcDOC19]

I still remember when Taxi cab would purposely discriminate against black folks in favor of non-black customers....

[@mcjon77]

Oh well. Back when they had a monopoly on fares, taxi drivers would routinely refuse to pick up some minority passengers or go to some neighborhoods. My problem with that is that the medallion system prevented a TRUE free market where others could compete and service those communities. Now with Uber, and Lyft, there are so many drivers out there that it is FAR easier to get a car to pick you up in less desirable neighborhoods, or if you are a minority. FREE MARKET BABY! One of the great tools for combating discrimination.

[@vincevegacustoms8860]

mcjon77 no difference at all. They owned their company,their time..people driving for uber make their little salary and big money goes oversea..cab driver have dedicated car to pick up people..you think people would want crazy bloods etc in their personnal car??its even worst lolllllll

[@clonecommanderbly7408]

Most taxi drivers were minorities what are you talking about

[@mcjon77]

@@clonecommanderbly7408 And? You'd be wrong to think that just because they're minorities means that they don't discriminate against other minorities. In fact, when I lived in Washington DC, minority immigrant drivers were more likely to discriminate against minorities then white immigrant drivers and white American drivers. It was the weirdest thing I've ever seen, but it happened repeatedly.

[@Grassy_Gnoll]

When you regulate the supply of something infinite you should not be surprised when consumers or other businesses find a way around. There are enough diamonds for everyone, but since they store bags of them in a vault to inflate price, along comes a company to make them in a factory. It's happened before, and it will happen again.

[@mattdathew2794]

but that medallion thing was the problem, 1 million box for a job that only pays you 25 to 60k per year, a RIDICULOUS SCAM by NY. At 50k/year, you would need 20 years of work without any taxes or expenses just to pay the medallion, doesn't make sense at all

[@JustLouIt]

Cry me a river. Taxi cabs have been ripping people off for a long time.

[@ADHD55]

Uber does not discriminate ,you can expect a uber to come anywhere, anyplace on time, these cab drivers had it good for way to long price gouging and ignoring those who are different, respect to uber , respect to new technology

[@TheLillianYoung]

I ride Via and assumed this too. But I have had some claim not to see me when I was right there (I was told that cancelling is another way to discriminate). Those cases are however different. They are exceptions and not the rule. I have the driver's detailed info and the company always apologize and makes good by sending another car and/or giving me a ride credit -- making it clear that discrimination is not their built-in policy as it is with yellow taxis. Even so, sometimes you get into a ride share and it's clear the driver isn't as friendly to you as he is to the white passengers (one didn't say "good morning" to me but did to white passengers later in the ride). Again, bigots gonna bigot. We can rate them and at least get to where we are going. It's still better.

[@fauxfox9142]

ADHD YES!

[@bigchiefsmackaho387]

Maybe if the taxi service in NY wasnt total dogshit they wouldnt be doing so bad now. Uber really turned the cab companies on their heads with their cheaper more reliable service.

[@MrBlaq]

No one feels sorry for cab divers. If they were doing their job Uber wouldn't exist.

[@josephtai590]

MrBlaq good generous, if no more taxi cab would you believe uber charge that much money

[@chrismax99Gaming]

The younger generation today loves technology. What would you rather do; call a cab by telephone or pull out your phone and request a ride while watching a cool animation of the car coming towards you.

[@snoopyshultz]

so true black car service is cheaper than both yellow and ubers lol

[@glittersilver7779]

MrBlaq yesss! And taxis are so mean and cruel to you

[@tumalditamadresita]

+Pink Pearls THEY are pieces of shit

[@maximusareilius2262]

I had my own car when i lived in NY. But i heard those cabbies were some nasty MOFOs. 🤷‍♀️🤷‍♀️🤷‍♀️ I moved out in 99.

[@SurprisinglyDeep]

I've heard NYC has TERRIBLE traffic 24/7 though. Maybe driving in terrible traffic everyday while dealing with customers wears down the cabbies there

[@maximusareilius2262]

@@SurprisinglyDeep yes its horrible. Even the outer boroughs . Houses that had garages are being torn down. And replaced with micro apartments. Its like an Ant Colony now!!!

[@jaydubs6354]

@@SurprisinglyDeep it’s crazy. So many cars and people all moving together in tight spaces. Definitely not as bad as some places I’ve visited in Italy which were just chaotic.

[@Tassadar606]

Uber offered to buy out these dudes and NYC refused....

[@therainmaker9817]

Seems bleak if you gotta compare yellows to horse and buggy...

[@DynamicHaze]

They are basically becoming horse and carriage. It's over for cars though, Tesla has created the most sophisticated self driving vehicle on Earth. It's hive learning technique has revolutionized the self driving space.

[@JJs_playground]

@@DynamicHaze it's not over for cars, it's over for human driven cars. In 30 years I suspect it'll be illegal for a human to drive a car in countries around the world.

[@hypocycloidiaspora]

Artificially capping the medallions was a horrible idea, and this is the inevitable result. The same thing happens with the artificial cap on liquor licenses in some US cities - the city has no business tinkering with the marketplace, and they can only screw things up.

[@AllisterH]

Not exavtly true. The idea behind the medallion system was the real issue of traffic congestion in NYC. NYC at first didn't have a medallion system and in the beginning it was about as easy as being an uber driver. But this left NYC with a serious case of "too many cabs"

[@donttakeitseriously2562]

AllisterH that seems to still be the problem

[@johng6950]

@@donttakeitseriously2562 then imagine how much worse it would be if there were no regulations and people saw it as a low-investment easy source of revenue. The same thing happened with Uber in the last few years. Anyone could sign up for it- and thus their numbers on the road exploded and the congestion in the city rose. When it became intolerable, the system underwent a correction (policy spurred on by annoyed citizens of new york) and then a new regulation sprang up to counter this trend. Yes, congestion is bad - but it's a major metropolitan area; it's always going to be bad (there's talk about implementing a congestion tax in the future). The point is, it could absolutely be worse and it would certainly be without some kind of cap.

[@shanet7511]

The whole concept of a taxi medallion is a government scam. What other business has a $50-200k business license fee?

[@3DFLYLOW]

Boohoo. So what are they want to do? Have the government go after Uber? If somebody wants to give you money for a ride somewhere what business is it of the government anyway? Up to a million for a medallion? This is why Uber exists.

[@skylarmontgomery3190]

3DFLYLOW Many people think its the governments job to protect them from competition in the market. They're wrong. The free market leads to the best prices and technology.

[@JCTiggs1]

They should have put that money into real estate.

[@cmdmd]

(Second comment) I recall ordering 4 tires for my car at a tire place, when I dropped it off to have them installed, I called a taxi in order to go watch a movie, that way time would go by faster. Well, the theater was rather close and they taxi cost $20 each way. It felt rather inflated, but ok. Another experience was when my fiancée had to take a taxi from Orlando International Airport (MCO) to DeBary, the car broke down, she waited an additional hour for another and still was charged $100.... ONE HUNDRED DOLLARS. After Uber came along, I have Z E R O sympathy for the beneficiaries and affected parties during this market correction. Too bad these guys paid hundreds of thousands for a taxi license, but the reality is that it’s not necessary now. Oh well.

[@canabox7112]

If the Taxi companies were doing their jobs Uber wouldn't exist

[@landongendur]

Less than 14,000 medallions in New York? Why such a restriction? When there's little supply & big demand, that's how things inflate in price. Yikes! Also, the man said he paid $57K in 1980 for his medallion. Yet he currently owes $280K left owing on it? That's pretty crazy.

[@adil6094]

That's because he used the medallion to borrow against the equity. Kind of like a home equity loan.

[@skylarmontgomery3190]

Thats what government regulation leads too.

[@robertc2204]

LandonGendur suck it up butter cup I was laid off my job of 10 years and had to adapt. Just become an Uber driver

[@80teg]

The guy bought the medallion the year I was born for 57K, and now owes 5 TIMES its original price because hes kept borrowing money against its value....... That old man was destined for poverty. We could give that guy a 3 million dollar cheque and he'd blow through that in a couple years.

[@6idangle]

Probably the maximal amount they need. 14,000 is a lot of cabs when you actually think about it.

[@anthonyzullo]

Tryna get a taxi in NYC as a black guy, kiss my ass, Uber always show up and they always take my black ass and service dog lol. Spend a quarter million dollars to buy a taxi permit? Should've bought watches and watch your money grow.

[@andrewwest7360]

Uber is not the problem, it's the city trying to make money off hard working people

[@doingtime20]

Somebody mentioned below that this generation has no chill, you know what is one of the reasons that this generation is angry? Nobody can afford a freaking house, not gen x'ers, not millenials, the housing market has gone crazy in major cities of the world. You work like a madman just to barely scrape by, it's a very different reality than what baby boomers lived.

[@infiltr80r]

Globalism and that's a good thing. The system is actually getting fairer, it was incredibly unfair before, that's why the baby boomers did so well.

[@doingtime20]

The comment was not meant for you my dimwitted friend.

[@Gufberg]

Lol you're a moron. Its "getting fairer" for who? the bankers are getting more money and the regular worker is getting relatively less. Capital is objectively accumulating at the top. You're just being a lickspittle.

[@miastrong151]

The baby boomers call the Gen X-ers selfish, but it was in their interest to pave a better world for us. They got greedy and took all of our opportunities for themselves. We are living in a debt-based economy with low wages and little to no chance for upward mobility. People believe in work ethic. I wish that companies would believe in paying us some money.

[@ruzzelladrian907]

This is the power of the free market. We as customers get to decide where we spend our money.

[@MonkeyTurtle100]

What a dumb system

[@ronque23]

MonkeyTurtle100 the working class gets fucked again. We don't respect the worker. Instead we respect the idiot who goes viral making a sex tape.

[@InMooseWeTrust]

I'm actually proud of the fact that I broke the taxi cartel in my town

[@satanas6740]

You didn't do anything, go back to sleep.

[@istiaquebelal1997]

Mujtahid Haque wake up from sleep

[@JM-yl8er]

Mujtahid Haque allahuh akbar

[@eclipsesolar8345]

Idiot. You are an ugly idiot.

[@danidejaneiro8378]

Mujtahid Haque - wow how one comment can bring out so many incels, racists and loons.

[@followertheleader]

The only reason the medallions were expensive was because government kept competition out. Uber bypassed government and went straight to service because they were no laws against it. This made the monopoly crumble.

[@steevieweevie]

It's a free market and the traditional taxi industry failed to innovate. It's not a right to have guaranteed customers. I don't in my job! If I fail to offer a good service or product, I wouldn't do any business! Zero sympathy. Do something else.

[@stoutyyyy]

Stephen Davis not even a free market. These guys had a government monopoly and they STILL couldn’t keep it together. Taxi industry should’ve died a long time ago

[@chickthatisnormal]

I'd feel bad for them if every cab experience I had while I was in New York for a month wasn't horrible. This was back in 2011, it gave me a bad impression of NY. They were rude and talking on the phone, ALL of them. However, I've rarely had a bad uber or Lyft experience. They did it to themselves. I know I should be empathetic, but this is what happens when you get too comfortable and take your customers for granted.

[@epiccreator9372]

chickthatisnormal You probably took the shitty ones.

[@williamleewolverine]

Same. While some cab experience was alright this really bad one with an Indian driver was enough for me. He basically got out and demanded a tip from my mother. Uber and Lyft are the only two options.

[@jerrykinnin7941]

Government Screwed over the Taxi drivers by making the medalion so expencive. Then undercutting the medalioned hacks by allowing Scabs like Uber and lyft to get into the game. Fn GOVERNMENT.

[@haldir23her]

That's just how this competitive world works. You either adapt to the changes and stay competitive or you disappear. Cold but true, that's how it works.

[@dominicdoiron8045]

capitalism is so awesome

[@arsenarzumanyan2651]

How callous can you be , what is the adaption if a person who took a mortgage out on there house for something that has been a good investment for the last 60 years , and after you do it , it’s value crashes . I agree this is how the system works...but seems so heartless not to care how many bodies it leaves on the ground when it’s done working

[@erzan]

"I am just relying on hope" And that's, why you failed.

[@moblack5883]

silly baby boomers

[@Thefunkeemonkee]

Sadly but true, hope can just feed the spirit but not the mouth...

[@beemore18]

When a situation is not within one's control then then hope is all he has left. So don't be so quick to pass ur shitty ass judgement.

[@mwatts6755]

The consistent thing in this world and in our lives is, change. Evolution, technology, and something you and I are not even thinking about that our grand kids will teach us. Be ready for change.

[@belmarfilms]

This is why expensive medallion laws have to be repealed. If they weren't required to buy a million dollar medallion in the first place, this wouldn't be a problem.

[@lennytompkins9767]

Getting overexposed on *any* investment is a bad idea whether it's taxi medallions, tulip bulbs or aircraft carriers. You don't want a market crisis or disruption to chew your feet off. People who were planning to drop that kind of money on a taxi medallion should have had a long, hard think about it, and got out when smartphones first appeared, or obviously when Uber first reared its head. Just because something has been a certain way for a long time doesn't mean it has to for much longer. Travel agents, file clerks, pick your global empire... :-/

[@michaelpaisano9260]

There is a similar problem with San Francisco cab companies. An article came out years ago, and it was complicated to read. Basically it was to make the system fair. Then cab drivers figured to lease the medallions out to new drivers. One could lease it out to three cabbies, live off it, and never drive a cab again. It’s a whacked up system.

[@bacioglobal2200]

Screw them! They give the worse service anyway and 95% are rude! A recent trip of tip settings in a taxi was 20%, 25% and 30%! And I will never forget the days when they would all lie and say their credit card machine was broken!The medallion system was is a joke anyway! Let the city pay them back. NO SYMPATHY!

[@rafaelalvarado9085]

Can't wait till there isn't anymore taxis

[@Themiddleman416]

Times change. Things have NEVER stayed the same. Why is it so hard for people to comprehend that?

[@DEATHANDSADDNESS]

I guess people should have listened when we bitched about cab prices and scams/horrible attitudes. O'well.

[@idontwantone132]

Every bubble has to pop

[@countbenjamin1442]

I understand that these medallion were a safety net, but for your financial future you shouldn't have put all your eggs in one basket because you never know what the future holds.

[@douglasrodrigues332]

How ridiculous was it to spend that much money to pay that much money to drive a cab?

[@douglasrodrigues332]

Interesting that Uber drivers wouldn't make a livable income to live in NYC.

[@chocolatewheelchair]

340k!!? He got ripped off big time.

[@amritsingh8918]

if u knew what the benefits Medallions did then no he's not being ripped off

[@FollowTheTrend798]

@Fajitahmed none lmao

[@jefffromjersey52]

Look at the Chart.. the high was around a MILLION Dollars .. these guys were NUTS.. they used the LIMITED # of Medallions to ARTIFICIALLY INFLATE the prices year after year .. they are getting exactly what they deserve now .

[@beemore18]

Did u not see the chart? It went up to 1million at point. So no he did not get ripped off.

[@univision1489]

@@beemore18 its trending 200k now. he lost 140k in asset, maybe more in futur. now hes driving just to survive and as he said there is no retirement or other benefits .

[@einfachnurleo7099]

I'm not sorry for the old guys... They should have been able to get their money worth... But if you bought one just the other year for half a million or so ... That sucks man.

[@manny3016]

You paid 340k? If that's true. . u need your head examining

[@jajouji]

Ya what an idiot not predicting the change in the business landscape and the inception of a whole new business model. Luckily for you, you invested in Uber early and are wealthy af now!

[@hometownmedic7355]

Ignoring for a moment the profound illiteracy in your post, 340k was a reasonable price to have paid at that point in time. True, the investment hasn’t held up, but at the time it was a very sound stable investment.

[@manny3016]

@@hometownmedic7355 What profound illiteracy are you referring to? I'm questioning his business acumen having spent a huge amount of money during a volatile economic climate, at that time. This is not a case of my literacy, but rather your limited perspective on life

[@yaz2928]

@@manny3016 He's right, NYC cab drivers used to make a ton of money off their monopoly. That 340k was worth it if you can pay it eventually. These guys just couldn't predict Uber.

[@manny3016]

@@yaz2928 Thank you. An informed response. I am unfamiliar with the taxi industry in New York...but I know there is plenty of competition within it now. Ps, thanks for not using your opening sentence to undermine the other person lol. Peace

[@joshuajackson7596]

Well when you have a monopoly and you overcharge people and are late for pickups this is what happens.

[@MrRetroCentral]

All the cabbies crying about an expensive permit are stupid. The immigrants in Australia who drive taxis had the same issue, it's a simple fix(Most of them figured it out without a formal education). The taxi drivers started ubering and making more money. Don't blame the other company, blame your own.