The Daily What Actually Happened to New York’s Taxi Drivers
May 28, 2019
Brian M. Rosenthal, an investigative reporter at The New York Times, discusses the alarming financial crisis facing NYC taxi drivers. He reveals how inflated medallion prices and predatory lending practices have left many drivers in crushing debt. Rosenthal highlights the emotional toll of these struggles, including a tragic rise in suicides among drivers. Alongside taxi driver Nicolae Hent, they call for accountability from city officials and argue that the blame placed on ride-hailing apps obscures deeper systemic issues within the industry.
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Investigation Start
- Brian Rosenthal started investigating the taxi industry due to Michael Cohen's medallion investments.
- He discovered a historic plunge in medallion prices, raising questions about their initial high value.
Medallion History
- NYC created taxi medallions in 1937 to control unlicensed cabs and street chaos.
- Initially sold for $10, they became financial assets, exceeding $1 million in value.
Market Manipulation
- The city auctioned new medallions, creating an opportunity for manipulation.
- Some overpaid to inflate existing medallion values, aided by city ads promoting medallions as investments.