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How Debt Is Crushing Taxi Drivers' American Dreams
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- Опубликовано: 7 июл 2019
- Thousands of cab drivers are on the brink of bankruptcy because of predatory lending. What is the emotional toll of having the worst debt in America - and knowing just how screwed you got by the city?
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“Sometimes I curse myself; I spent almost a million dollars to buy this ride.”
Watch Next: What it likes to be an Uber driver in a city you can't afford to live in - bit.ly/2x1ayE4
VICE News Pretty soon there won’t be UBer or Lyft because of self driving cars. Imagine that, not having a yellow cab taxi take you on the long route...!!!
They shouldnt even pay 1 dollar...
Vice news will be dead soon.
So pretty much they bitchin because of uber and Lyft. Thank u competition!!!!
uber killed taxis, netflix killed blockbuster, video killed the radio star. That's how it goes.
Tyrone 2 Tones and nobody cares
Fake taxi killed taxi
Sab jagah yeah hi khaani hai uber destroy every middle class Taxi and auto
Not true, their archaic business model killed them. No industry can survive if it doesn't adapt to current demographics. Even McDonald's is offering Artisan-Style burgers now.
@@mementomori506 Uber and Lyft aren't taxis and never claimed to be.
1.3 million? I went to flight school and my sister went to medical school and it didn’t even cost us 1/6 of that.
I can sell your a reliable twin engine private jet for that price so you can own a air taxi business. These people got majorly ripped off.
Rolman80 80 i’d be retire at that point, i’ll let my kids worry about that ha.
I'm a former Uber driver. And, I'm thankful that we have ride-sharing companies. Not so long time ago, any cab service in NYC was extremely expensive and not reliable, especially medallions! Now, I use Uber service for cheap, regularly, and almost anywhere around the globe!
Drive an Uber you gotta adapt. if you keep treating riders like trash then you wont be able to drive uber either.
As a citizen of Florida I can't speak for the rest of the country but the way that taxi services are down here the industry deserves to died.
its the same in almost every country
Yup
@@1usi0n Not in Japan. Taxis are expensive but fairly regulated. Uber here is regulated to avoid all the problems and unfair burden on drivers. NY City and the US government simply allowed these situations to occur.
Long Island taxi drivers used to get away with charging shylock rates to customers. To hell with them. Uber and Lyft have put them where they belong.
I spent $50 for a five minute ride in Florida. Screw them.
In România, The taxi industry is crap, always overcharging the trip, crap taxi drivers and poor services... On The other hand, uber has resonable prices and the drivers know hot to talk with the customer... The taxi industry deserves to die
@Nezumi Speed lol, someone got their feelings hurt.
I remember waiting for hours outside a 7-11 (in Orlando), trying to get a cab home. The dispatcher said no one wanted to come to that part of town. I had to create my own Uber on the spot by paying some stranger to drive me home. I have no f*cking sympathy for taxi drivers.
Same thing when I lived in Las Vegas for a while. I didn't live in a bad area and it wasn't far from the strip, but the cabs preferred the ease of just driving up and and own the strip picking up and dropping people off. They were totally spoiled. Boy, did they FIGHT Uber in that town and you really saw the fangs come out of the city government and even the judges in the area, all bought and paid for, but of course they couldn't block Uber or rideshare for long. Now, they're paying the price.
Maybe don't live in a piece of shit area? Why should people put themselves in danger because you dont own a car?
Mr Kajja They shouldn’t have to, but then they shouldn’t be protected by the government either with taxi medallion systems.
@@ThePlainsOfKish I hear what you're saying. I'm just glad passengers have more options these days.
I Used to take cabs all the time in high school 2006-2010 Uber wasnt here in my city yet or wasn’t around yet not sure. More than 50% of the time I called the cab it was either “ I dont have someone available for atleast an hour” OR “we have no cabs available rite now” THATS WHY ITS DYING!
Pacers143 FACTS👏🏾
I hear people say this, but even outside a city I've never had this problem with cab companies.
C-value Enigma Or the fact they just didn’t care about my business because they would rather sit outside the clubs and pick up drunk idiots then me.
I feel bad for these guys but you are absolutely right. Cabs were a nightmare. They didn’t show up, they tried to pick up other rides to share with you and charge you both, they made you miss your flight. They sucked.
Taxi cab drivers are bad experiences, don't want to drive you too far, don't want to drive you too close.
Why would they pay anything in order to go to work, that makes no sense? Taxi drivers are not investors, and they simply made a bad investment... Is this any different from people buying BTC at the peak? Is this any different from irresponsible consumers taking out similar exorbitant loans to buy houses to flip in less than a year, and then foreclosing? I dont think so!
BTC will be 100k a year from now
@@jarenge4255 Regardless, that's not my point. But to elaborate on that, what if you had to pay 500k for a license to trade BTC? Would that seem like a good purchase, just to be able to involve yourself with that market?
BITCONNNNNECTTT
I live in Sydney, Australia and I have had multiple bad experiences with Taxi drivers. They wouldn't stop and sometimes refused because my trip wasn't far enough. Uber drivers show up on time, will take me anywhere and offer water. Taxi drivers did this to themselves.
they weren't cryin when the bubble was forming and they all became millionaires....but now they cry and cry until they die
Just imagine next year when Uber and Tesla release their self driving taxi fleets that they have planned.
Then it will be future that we all imagine
Still waiting
Elon Musk is a conman. We'll never see self driving teslas. Where's the Semi anyway? Elon is a conman and I can't wait to see the SEC throwing him in jail.
@@carterdc3576 Do not waste your time. Elon is a conman.
lol, you were such a dumbass thinking that was going to happen so soon.
But yeah, eventually (years and years from now) that will happen, and these people will be extra fucked.
one business model (old taxis) is dying, so? if you saw it comming 5 years ago, you got time to adapt. This is just an excuse that people use because they didnt leave their confort zone in time
Cab companies are done. They either turn to ride sharing and compete or be left behind.
Loro sono umano actually, ride sharing services will probably die out. They don't bring in nearly enough revenue to offset the cost of labor. Lyft and uber have never been profitable and never will.
well time had change... only way to survive in life is to see the future before it happen... that why you study so you can...
Yup, taxi drivers are done for. Ride-sharing is just a stop gap for Uber’s automated fleet.
I went to NYU. I never had ONE good experience with a Taxi Cab. I was there for 4 years 2005-2009.
They aren’t there to provide a good experience, they’re transportation.
@@richardleston5237 no..every business strives to provide a good experience for it's customers unless it is some sort of monopoly.
Abhishek Dev A “good experience” is relative. Can you describe what a good taxi cab experience is to you?
@@richardleston5237 I should have been more articulate so here I am. No business strives to provide a good experience to it's customers they have to do that because of competition. Once competition goes away they do not care about customer experience.
Oh; the good ole days.Refusing to leave Manhattan. Not picking up minorities. And of course taking the scenic route on rides.
Sorry. I don’t feel sorry for them.
jeffthornton my dad always gets robbed by minorities or they don’t pay that’s why he doesn’t pick them up
@@rainbowstraw23 yet, Uber is fine. Sounds like "always" was a bit of bullshit.
@@stanleyc2978 taxis make their money by picking up random people hailing for a ride.
Selina Kyle Yea and now he picks up nobody. Funny how that doesn’t happen to Uber or lyft.
Selina Kyle with the debt he has nothing left to rob from him
So basically regulations killed the industry, medallions create a shortage of taxis and drives the price of being in business way up.
In this case yes it was done wrong. Some industries need regulation and others are better with less of it.
no uber killed the taxi industry. The taxi industry even with regulations was fine.
Fred Minville wrong. Uber and Lyft killed it. The lack of regulation allowed unequal competition
@@B33SON1 Uber and Lyft just took advantage of the void left by what was once was a terrible industry. Nobody liked taking taxis. Remember when you called and got some dispatcher who couldn't give you any idea even if a cab was available let alone when it would arrive?
It’s a cartel set up, control the supply to drive up the price.
I had a taxi driver take the long way home and I tried to tel him where to go and he acted like he didn’t speak English. We got home and refused to pay him the total because he racked up the fair. All of a sudden he spoke English and called the cops on us. Luckily the cops were on our side.
Y’all had a monopoly on the business and you drove up the prices so high until YOU forced Uber and Lyft to be created! The world changes. The taxi business is obsolete!
Earnest Dunbar Jr. You used to have to watch these guys like Hawks so they didn't drive you all over town. They could have done better they chose not to. Plus the racism.
Yes, yellow cabs in New York are famous for not picking up black riders. It’s partly why your Uber diver can’t see your picture till they accept the ride.
@@iancarrey4123 yellow cabs not racist anymore, they need the money now
offchance that is so sad but always the case that it takes the color green for someone to change their racist ways 🤦🏾♀️
Yes that’s true “medallions” were used as a collateral for bank loans and once their value collapsed it bankrupted people.
As someone who has been visiting New York City for the last 30 years to see friends and family, I’ve always had terrible luck with the cab system there. As a black woman, it’s not uncommon for them to not stop, and one time I got into a trolley line and the cabbies pulled up and wouldn’t take me making excuses like “I have to use the bathroom“ but then would immediately return to the back of the line possibly waiting for a white fare. My friends from New York brushed it off because they’re so used to it, but it was humiliating. Now the only time I take a cab is when I’m with my parents who are older and look like they have money despite being black. LOL but otherwise I take a rideshare or public transportation.
DaPopoloinParadise inner city black youth ruined it for u, they’re not just racist to be racist
@@sk8punk318 Past experience is a horrible excuse to be racist. Black people have had to accept that some white people are racist. It hasn't ruined things for all white so why would this?
@bob thompkins Poor people commit crime. Wow thanks.
@bob thompkins but poor whites do.
@bob thompkins You can be both an immigrant trying to make a living and racist. They are not mutually exclusive.
There were claims of predatory lending, which I'd like to hear more about.
That said, if these folks were financially literate, they would not have borrowed so much against their home or other assets. For that, they -- and our inept education system that still doesn't teach personal finance and financial responsibility -- are mostly to blame for their current situation.
People learn math, but have no idea how finance or economy works, that is the problem.
This is nothing new, the industry changes and adapts with the times. The taxi industry was one of those who thought they could have a monopoly in their field and provide a garbage service. Uber came in with a better, cheaper and more efficient model.
This is just like when I lost my job at the Bowling alley, when they got those pesky machines to restack the pins 😢
I'm sorry, but the only reason medallions had so much value was because of artificial supply constraints which were the results of the corrupt taxi industry constraining supply and behaving like a cartel. These people invested in that and should have weighed the risks of disruption. Just declare bankruptcy and start again hopefully having learned a valuable lesson.
What's the point of saying you're sorry? Listen to this guy, such a callous turd.
Facts
I think what makes it a little more complicated is that they used their homes as collateral.
If they just got the medallion with a down payment it would be just like if you buy a house and the value goes way beneath what you paid you would just declare bankruptcy and let the bank foreclose. Since these people used there house as collateral not only are they losing what they paid towards the medallion, they're also losing their house.
You got to be pretty passionate about hauling people around the place if you're going to put yourself that deep into the hole to drive a cab.
Idk what to call it cuz a million for a medallion is beyond ridiculous
It’s a investment dumpfuck
Nah man being a taxi driver in NYC was guaranteed bank it’s NYC LMAO 9 million people god knows how many tourist. Plus tips Plus the fact that you were able too sell it at the end of your career it was a no brainer nobody expected something like Uber or Lyft to dominate the industry
@@MrGrandTheftAuto6 this is what happens when people tell themselves something is "guaranteed bank"
@@MrGrandTheftAuto6 a stupid investment (except for those who cashed out at $1M)
It's hard feeling sorry for Taxi drivers... all over the world, they are the worst when it come to people who deal with people everything. (service industry)
Yeah in europe it’s the same.. I drove taxi once in the last 2 years (since using uber and alternatives) in Spain and he scammed me. (Twice the price) i really don’t feel sorry ..if the prices and the service would have been great the only thing they would have need is an app
Your mom
@danger stranger St. Lucia does the van or at least did when I was a kid in the early 90s. Very cheap from what I recall.
Tends to happen to most drivers due to the fact they deal with as huge volume of the public and not in an environment of any type of professionalism. There are good drivers out there whom haven't gone complacent...
@@VMykeV Jeezes. Here in '' nice '' Norway. A Half hour cab ride will set U back about see 1000 - 1500 Kroner / 100 - 150 US dollars
that's probably a low figure of me.
Transportation these last 5 - 10 years has gotten RIDICULOUSLY expensive in Norway
Parking, Car-fees, Fuel etc etc
Everything here is getting WAAAY expensive
every taxi driver ive ever encountered in NY was just rude asf and the riding price is insane. I feel for them but I can see why Uber and Lyft took over tbh
All the taxi drivers I’ve met have been super nice. The price is way too high though
They made a bad investment. Plain and simple... Now they dealing with the consequences of their actions
Not to sound rude however, it’s clear the traditional Taxi business is dying. Ride sharing applications are tremendously more convenient and even more affordable. I think people in dying industry like to argue for the more archaic way of doing things rather focus on getting more in demand skill sets. File for bankruptcy, cut your losses, downsize for 5-7 years, learn a new skillets and continue on living 🤷🏾♀️. This is the same reason why Blockbuster failed. However, best of luck to them and their families!
Wow, where was my parade when my industry went away. I evolved and now I am retired.
This is why education in economics is essential. It should be something we get across in elementary school, not university.
The taxi business is angry because they are no longer a monopoly and have failed to adapt with the times.
@LORDE 2729 They could also find other jobs and they don't have to be driving cabs.
@LORDE 2729Actually I was at least smart enough to invest in a decent education and job and support myself. If they could drive a taxi, they could drive a number of vehicles. If I can't afford to live somewhere, then I move. If I can't afford a taxi medallion, then I don't get one. Finding a job isn't easy, but every time in my history if I was out of a job or hated one, I made the best and moved on. You have to be next level stupid to pay 150k for a cab, when you could buy property in areas.
The issue is the model used in NYC...I drove for 5yrs here in TX from 2001 to 2006. I leased my cab for $55 to $75 a day/shift...if I made $400 in a shift or if I made $50 that didn't change...the cab company was issued X number of licenses from the City...so even if all their cabs were on the road at once their economics were pretty set on stone...my lease covered the vehicle and the dispatch service overhead.. everything else went directly into my pocket...the NYC was never sustainable
Now why are there still taxis, its like delivering mail by horse and wagon...taxi is DEAD!! Theyre killing themselves due to the fact they woke up and see they are already dead.
21, 26, and 35 years driving....must have refinanced.
3:38 -"I purchased my medalion in 1990" price of medalion then was almost the same as it is now. So this dude didn't lose anything on his medalion, but still complaining because he didn't get to sell it for a million. That's what happens when you're greedy.
WHEN AN APP. IS YOUR BIGGEST COMPETITION, IT'S PROBABLY TIME TO CALL IT QUITS IN YOUR CURRENT PROFESSION.
Especially when your job is based on a Victorian-era process of buying 'medallions' to be allowed to drive a cab...... 🙄
somethin' like dat.
WTF, you don’t need to be a taxi driver if things don’t go well, just change the job !!!
If you think paying 1 mil for taxi license is a good long term investment, you are probably not smart enough to get any other job tbh
This is such a stupid video. These guys bought their medallions in the 90s when the medallions where reasonable. Then they refinanced numerous times to pull equity out of the medallion when the price skyrocketed expecting it to go up forever. When the bubble burst they are stuck with the debt. Hey buddy what did you do with the cash you pulled out.
Yeah I didnt understand how some of these guys were driving for over 20 years but still owed hundreds of thousands of dollars.
I'm pretty certain that 5 years ago all of those dudes were living way above their pay grade being sure that medalion cash will keep coming...
it's so annoying that when taxi driver gets greedy and fucks up everybody is compassionate and helpful, but when finance guys do it then they're the devil and everybody's happy.
Taxi drivers in New York were making $350k? WOW
Simple economy, medallions expensive so less people buy them, it is shortage created by regulation, so taxi can charge for ride more. Anyone can drive car, medallions against free economy system.
@@ggsay1687I understand why, I just never envisioned that Taxi drivers would make more than doctors.
350/day
I always hated taxis since they are rip offs with how they charge you, but I feel bad for drivers just trying to make a living
Taxi regulations were insane. These new companies are providing at the very least a competent service with a way to check if the drivers are trying to scam you.
I feel like this story goes even deeper. Too short of a piece
Terrible news reporting! VICE NEWS failed to explain the purpose of the medallion! Why do these taxi drivers need a medallion to work? Learn to explain the source of the problem! Just awful!
why not just drive for uber
Adam K because they don’t have money to buy a car, but were able to finance these taxi medallions
@@sharktv3000 they can still drive under uber lol just pick people up in the cab
@@guccigucci5002 youre not very smart are you?
@@AlxndrXX and you are a moron. uber you would may more and you can still use the cab to pick people up dip shit
"I owned the medallion now the medallion owns me" ... damn
When we have allowed bankers and lawmakers to set up an entire economic system based on consumer debt, why is this surprising? What else do you expect?
The financiers and insiders who loaned money against medallions were the ones that took advantage of the taxi drivers more than Uber or Lyft did.
Remember when the running joke was that a black man couldn't get a cab in NYC?
How 'bout now?
Honestly though, in what world does anyone think it is a good idea to take out a $1 million loan for a job in an industry where the pay in a great year allows you to live at best an upper middle class lifestyle? Even with the predatory tactics used by the lenders, and the artificial inflation of medallion prices by big companies, I would still know better than to takeout a loan for that much money.
Preach
Teach
None of this is the Taxi Cab drivers fault.
What's missing in this video are the people from the regulations department all the way down to to the first person above the Taxi Drivers that the drivers report too.
There is where the story is at.
This video was woefully inept.
@Jenette M should be happy it went down enough to be at your level so you could watch this
I don't have any sympathy for taxi drivers. From my personal experiences. They will try to cheat you every way they can. Driving longer route just so they can get the meter to go up in price. Or they will tell you they have no change even tho they do. Most of them drive like maniac on the road and have no considerate for other people. Thank you Uber & Lyft !!!
It really does suck for these old geeysers who were overly comfortable with their lifestyle...charging exorbitant fees just to drive people around and New York City loved it since everyone but the consumer was winning. Then Uber and Lyft came and destroyed them. These cab drivers should relocate to where cabs are still needed like rural towns where Uber is not willing to exist.
Great video, very education! Well done vice
Ultimately the smart phone made the taxi medallion worthless because now everyone has an encyclopedic knowledge of the city right on their dash. And so anyone can be a driver now with no study or training.
This is horrible, but is Vice now suggesting that we pass laws that mandate that nobody every have bad luck or bad investments? This is why I dislike Vice these days, they are like John Oliver, pointing out everything that's wrong but never suggesting anything but government bail outs. The one driver said "they" spiked the price to a million dollars. WRONG - Buyers did that, you made the decision to pay a million bucks for a taxi franchise.
Avalanche2 what does John Oliver have to do with anything? Most of his segments highlight government and corporate corruption.
If NYC wasn't expensive enough already why would you pay more for a cab? These guys made a terrible investment from the start, yeah the city kinda screwed them over but I wouldn't pay $1M for a freaking medallion. This cab drivers are still trying to live in the past, one guy even said "I want to take my kids to college". People will dig their own grave and then complain about it smh.
Why are you still driving a taxi?
How about a story of how the drivers wouldn’t leave Manhattan, would ignore minorities, would be disrespectful to passengers and would jack up fares.
It to mention, even when the medallion was almost paid off, would refinance to buy things they now wish they hadn’t.
Medallion is a great American dream in a pill LOL
The free market created a bubble and they lost out. You don't hear complaints from the drivers who bought cheap, then sold for 1 million.
If you take on a debt, you have to consider whether it is worth it. They took a chance, and lost. Such is life.
It's not the free market that created this bubble, it's excessive regulations. Under the free market, anyone who has a license would have the right to provide taxi services without this medallion bs.
@@phoenix5054 I suppose you are right in a way, however the regulations were originally intended to support the market. If that makes sense.
Part of the market is self-regulation, but sometimes it requires intervention.
At the time, the taxi drivers were glad for the medallions because it insured their work. And then over time, as usual, the system was abused by mobsters and government officials.
Without that there would be no standard. So I guess the market is a difficult thing to really pin down
@Brandon Martin investors are part of the market
I am a proponent of Uber and Lyft. But putting how the taxi industry treats customers aside. The way medallions were held by medallion barons who artificially pushed the prices up is what really broke the camel’s back. If NYC wanted to enforce and regulate this system they should also take responsibility when things are not going as it should. If they are letting ubers drive without a medallion, then NYC should be buying out medallion holders and let them also operate without a medallion.
Blame the government for that.
Lol the guy who bought a medallion 4 years ago..... Uber was pretty prevalent then.....
Haha yeah now he's half a million dollars in debt, hilarious!
Really? C'mon his life is ruined, maybe not the place for a "lol"
Why the hell would you take a half million dollar loan to drive a taxi??? Some quick math will tell you that you will never pay that off with driving and if you were relying on the value to just keep increasing because of it's monopoly status than you get what you deserve.
This is business using government to keep supply low for their own gain.
Rideshare companies didn't exist during the time. Most of these people were driving taxis all their life and know no better.
They should declare themselves bankrupt and start from scratch working for uber or lyft or do something else. They made a bad investment.
"they are harassing by going after the debt"
Seriously? That is what happens when you take on debt...
Because it's not you who got phuked over
@@yasmanibravo2948 So? Are you saying that we should just bail out all people who have made financial mistakes?
@@Immaturity not mistakes! people who have been prayed on and taken advantage of! Those predatory payday loans that have 700% interest wtf.
@@yasmanibravo2948 what do you refer to when you're talking about payday loans? that has absolutely nothing to do with this. The video talks about the value of taxi medallions. Plus payday loans often have higher interest than 700% this is because 1. Interest compounds and 2. The '700%' is APR, or, annual percentage, since payday loans are supposed to be paid of the next 'payday' (week or month), this is only a 12th of the year, than taking in account that most payday loans are below $1000, meaning that if you were to get a payday lone and you were to loan $400 and you had to pay $550 back (which to be honest, does not seem crazy) this is a 37.5% interest rate in the first month, however, to make an APR out of this we must do this for every month in the year so 1.375^12 = 45.67014368834, which means the APR for this would come down to 4567.01%. Which seems much higher since it is now placed out of context.
And what do you think is happening in all US trades???
This VICE story fails to tell the full story. A lot of a Taxi cab drivers/medallion owners used their medallion over the years a line of equity, similar to people taking 2nd/3rd loans during the housing boom (2003-2007). So its not just the medallion scam that was the problem, but the typical greed of people living beyond their means.
And what led to the taxi service was the wait for it to arrive to your home some days waiting for about 4 hrs for 1 to show up
I've been kicked out of a cab b/c I pointed out that his meter wasn't on. He was just trying to take advantage of intoxicated people....Never had issue with Uber drivers....
Debt slaves for life. Corporate america gone mad.
more like NYC regulations gone mad
Unfortunately as you say, it was an investment, sometimes they go up sometimes they go down, this is the uncertainty of life.
Agreed
I'm guessing these cab drivers have yet to convert to a Smartphone & still use VHS.
and still scream at customers wanting to pay with credit card.
NYC and government has been holding them back. Allow them to compete by taking away the minimum dollar amount. That's really hurting them. Nobody wants to pay $20 or $25 to get across the city when you can pay half of that with Uber. Let them negotiate how much they'll take with the customer. I guarantee you they'll do it for cheaper than Uber and especially Lyft. They're even regulating how many hours they can work? No wonder Uber and Lyft took the market.
“I’m going to war without a weapon”
You heavily bet on the wrong horse right there. No, the government or the city has no obligation to make sure you get your money. You have to choose a job that is in demand and profitable, that's the free market for you right there. They didn't spread their investment, it failed, they regret it - that happens to us all.
same as australian taxi owners. bad luck i guess.
They have that special kind of dumb. I want to recruit them into MLMs
Most of the suicides were from men who were immigrants and came from another country who had no desirable skills to be hired at a well paying job and driving around all day was there only means of supporting their family.
Tying your house debt to Taxi medallion was a bubble waiting to burst.
i’ve visited NYC once - me and my mums friend took a yellow cab, and her card was copied and used illegally. Uber is so much more secure in that sense - no wonder it’s dying.
Did you call the taxi company responsible to inform them of the crime?
!? i assume the family friend did, we were just visiting
Student loan debt is crashing my generations' American Dream.
@Barry Vaughan False. Debt free myself. My peers not so much...
@Barry Vaughan The American education system indoctrinates its youth to go to college. Affluent American families gravely encourage their offspring to pursue a degree to quote, "Have something to fall back on." $100k investment as a fail safe for jobs that dont exist, irregularly hire, or require further education and experience to even be considered. What worked for my parents in the pre digital age is obsolete in contemporary times.
WHY DONT THESE PEOPLE JUST GET A CDL? . TAXI DRIVING IS DEAD .
Andrew Yang. Universal Basic Income.
Agree!
This is what they need to do.
1. File for bankruptcy.
2. Move out of NewYork to middle America.
Sensible thing to do
declare bankruptcy and start over. why would these people hold on to negative equity doesn't make sense. you will be better off working minimum wage job and not driving taxi with that kind of equity level.
@Yare Time you shouldn't hold onto negative equity property. just get a rental before declare bankruptcy then get out of house. you gotta think a way to get out of mess rather then praying it will get better.
Well if you all would stop for everyone you might not have this problem!
Christopher Wigfall couldnt said it better myself
Well Uber is much better and Driver’s aren’t rude. Good riddance to all cab drivers
And some get suddenly ill and need hospital and have to go bankrupt.
I think it is unfair what happened to these people but at least they had the choice to take the risk.
That's just crazy..
I did taxi driving in england when I was a teen as a part time job and it was actually really fun. I remember this autistic child that I had to drive to school everyday and he would always steal my lunch. Fun times.
This is crazy, how is this legal? How can a cab industry be regulated but not a ride share company. 😕
Because the regulations only serve to protect a monopoly, and not the consumer.
Can industry is run by the mob.
@@ericp1139
"Can industry..."
Yes, especially the canned cat and dog food industry...
Y'all in the comments realise that these are just the workers in the taxi business and not the people who regulated the fares and medallions......right?
if i had bought $1M in Enron stock and lost it all, the last thing i would do is go on Vice and whine about it
They never discuss how rude they are and how much they over charge for trips. Learned very early on to avoid them at all costs. Now they don't want to move with the times and what others to fix the issue they created.
How is this any different from a person getting inflated sub prime mortgage to buy a big house (that they simply can't afford on their current income)?
Its all greed, these drivers dreamt of making a killing by selling medallions at a higher price in future.
Of course predatory lending is another big part of the problem, that has to be regulated and controlled by humongous fines. Maybe those fines can offset some of these debts.
However individuals (i.e drivers) have to take the responsibility for making bad investment decisions. Sadly I just don't see a way out for these drivers. Filing bankruptcy maybe ( can't elaborate, as I don't know enough)
P.s: I am an Indian, not an American. Lest anyone tries to attach any ulterior motives ;)
Bottom line is, either these drivers fell for a scam or made a bad business decision to buy overpriced medallions. If it was a scam, they should band up and go after the scammers. Or set aside their contracts for fraud.
If however they made bad business decisions, should they get bailouts? Because people make bad business decisions all the time.
I am exhausted from hearing about the greed and corruption in the free World.
@Barry Vaughan I already live there. I am not suffering. I am pitying. I should just learn to not care and ignore.
As somebody from NYC I remember when Uber wasn't around and taxis were the only available cabs. Lots of times, if you lived in the outer boroughs, especially if you lived really far from Lower Manhattan, yellow cabs wouldn't want to take you. At least in my experience, NYC cab drivers would refuse to take me to my destination sometimes if it inconvenienced them, even though its illegal. Not only that but the farther you live from Manhattan, the harder it is to hail a yellow cab in your neighborhood, like in The Bronx or Brooklyn, etc. Now that Uber is here yellow cabs are mad because they can't compete, but ride sharing companies like Uber and Lyft are the only cabs that reliably come pick you up and drop you off no matter where you are. Sucks that yellow cabs are going out of business, but it is what it is
The American dream was actually a nightmare.
Their American dream became a nightmare.
@@Tyler-Wiley why only theirs? There's many people (including me) who thought getting a loan for a degree would help improve our lives and it backfire on us.
@@tecpaocelotl
What did you major in?
It’s almost hard to feel bad for someone who’s willingly taking on such a large amount of debt of their own accord, maybe 🤔 apply to another job that doesn’t cost 💲 literally hundreds of thousands of dollars 💸 just to work???
If your “American dream” comes at the expense of my American dream yours sucks and I’m not sorry it went away. Taxis were unreliable, expensive, and a scam.