Stories

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.