Sep 13, 2017

NY taxi medallions are worth as little as 8% of their peak price

Cabs were cool. (Charles Sykes/Invision / AP)

As late as 2014, New York taxi medallions went for $1.3 million each. But a month ago, a cabbie named Wajd was selling his on the official web site for $100,000, 8% of the former value.

So low have Uber and other ride-hailing companies laid New York's once proudly rude fleet of taxi drivers. They drove just 277,042 daily trips in July, a 16% drop from their 332,231 rides a year ago, reports the NYT. Their fares dropped to $4 million, 18% down from July 2016.

Why it matters: This bloodletting is forcing the taxi drivers into foreclosure. Last month, 21 medallions were sold, 12 of which were foreclosures; in all, 85 medallions have been sold in foreclosures since 2015. Taxi drivers say Uber is permitted to unfairly do business without adhering to the thick list of city rules governing their work.

Go deeper

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 662,073 — Total deaths: 30,780 — Total recoveries: 139,426.
  2. U.S.: Leads the world in cases. Total confirmed cases as of 9 p.m. ET: 122,666 — Total deaths: 2,147 — Total recoveries: 1,073.
  3. Federal government latest: President Trump announces "strong" travel advisories for New York, New Jersey and Connecticut, rules out quarantine enforcement.
  4. State updates: Alaska is latest state to issue a stay-at-home order — New York is trying to nearly triple its hospital capacity in less than a month and has moved its presidential primary to June 23. Some Midwestern swing voters who backed Trump's handling of the virus less than two weeks ago are balking at his call for the U.S. to be "opened up" by Easter.
  5. World updates: In Spain, over 1,400 people were confirmed dead between Thursday to Saturday.
  6. 🚀 Space updates: OneWeb filed for bankruptcy amid the novel coronavirus pandemic.
  7. Hollywood: Tom Hanks and Rita Wilson have returned to U.S. after being treated for coronavirus.
  8. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk
  9. Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

Trump flags travel adversaries for New York, New Jersey, Connecticut

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

President Trump said Saturday night the CDC would issue a "strong" travel advisory" for New York, New Jersey and Connecticut and that a "quarantine will not be necessary."

The big picture: With more than 121,000 people infected, the U.S. has the most COVID-19 cases in the world, exceeding China and Italy, per data from Johns Hopkins. A second wave of American cities, including Boston, Detroit, New Orleans and Philadelphia, are reporting influxes of cases.

Go deeperArrowUpdated 12 mins ago - Health

Trump rules out quarantine in New York, New Jersey, Connecticut after pushback

President Trump on the White House grounds on Saturdya. Photo: Sarah Silbiger/Getty Images

President Trump tweeted Saturday night that he's decided not to introduce quarantine enforcement measures fo New York, New Jersey and parts of Connecticut, but a "strong" travel advisory will be issued for those states.

Why it matters: The president said hours earlier he was considering the move to combat the rise in novel coronavirus cases. But he received pushback, most notably from New York Gov. Andrew Cuomo (D), who told CNN it would cause "chaos." "This would be a federal declaration of war on states," Cuomo added.

Go deeper: Updates on coronavirus in the U.S.