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In NYC, 139 prized yellow taxi medallions will hit the auction block

By Curbed NY

The medallions will head to bankruptcy auction for a fraction of their original valueRead full story

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  • NYC's decades-old experiment in artificial scarcity is coming to a brutal end thanks to ride-hailing services.

    Pricing transparency is a good thing. But many families (a lot of whom are immigrants trying to realize the American dream) hocked their family fortunes to buy medallions.

    Also, remember the livery driver who recently killed himself as a protest against the ravages of Uber and Lyft on his livelihood. The human cost of this innovation is high.

  • Takuma Kakehi
    Takuma KakehiProduct Manager at Quartz

    For the recent UBER's aggressive rebranding campaign, UBER should pay 1.3million or how-much-ever the medallion costed to these bankrupted drivers, for funding them to start new careers as UBER drivers.

  • Nick Palmer
    Nick Palmersemi-retired

    takuma wow. no offense but c'mon man. that statement has zero basis in reality. why do you think that uber should pay them? completely nonsensical. but it's scary because you can say something like that and there will be masses of people echoing that sentiment. without a clue

  • Darren Watson
    Darren Watson

    Government(taxpayers) should be held accountable for this and purchase them back at cost. They sold these people a lemon. They added an arbitrary massive fee and called it a business asset, to do business in the city. That is now near worthless and government sold people a phantom asset. Pay them back. It’s that easy.

  • As much as I love ride sharing, this is a tragedy for the people who ken these medallions. They invested in a system that failed them.

  • James Carlton
    James Carlton

    I once thought about this -the future of taxis with Uber rides taking over in almost every city. When there is an alternative to people's demands, there's a competition and eventually, one that looks more appeal wins. Uber has many advantages over taxis and the luxury that comes with it makes it unique. Taxis are becoming old school and it's just a matter of time before Taxi companies fold up leaving Uber to do their thing. The drop in taxi rates and demand for Uber and taxi per day is a good illustration

    I once thought about this -the future of taxis with Uber rides taking over in almost every city. When there is an alternative to people's demands, there's a competition and eventually, one that looks more appeal wins. Uber has many advantages over taxis and the luxury that comes with it makes it unique. Taxis are becoming old school and it's just a matter of time before Taxi companies fold up leaving Uber to do their thing. The drop in taxi rates and demand for Uber and taxi per day is a good illustration on people's preference between the two. 139 are going into auction, if something different doesn't come out within the next few months, it's just best to say, we won't be having taxis roaming our streets.

  • Rachel Nelson
    Rachel Nelson

    Wow I cannot even fathom driving a taxi and having the value decrease so rapidly and by so much. Families and livelihoods are being destroyed by uber and lyft, but at the same time families and livelihoods are coming together because of these. It is hard to say that uber or lyft are at fault when they are providing a better service for customers. However I would not want it to be all one way or other because of the surge charges found with these companies and the ease of stepping out your door and finding a cab.

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