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Exclusive: More than 950 taxi drivers in NYC have filed for bankruptcy since 2016. Officials have blamed Uber and Lyft, but The New York Times found that taxi industry leaders channeled drivers into reckless loans and financial ruin while leaders profited.https://nyti.ms/2VMcroR
Over 10 months, we interviewed 450 people, built a database of every medallion sale since 1995 and reviewed thousands of individual loans and other documents. Between 2002 and 2014, the price of a medallion rose to more than $1 million from $200,000.https://nyti.ms/2VMcroR
Some industry leaders fed the frenzy by purposefully overpaying for medallions in order to inflate prices. But their methods stripped immigrant families of their life savings and crushed drivers under debt they could not repay. https://nyti.ms/2VMcroR pic.twitter.com/EJbdNHdOSC
These practices generated huge profits for bankers, brokers, lawyers, investors, fleet owners and debt collectors. The leaders of nonprofit credit unions became multimillionaires. Medallion brokers grew rich enough to buy yachts. https://nyti.ms/2VMcroR pic.twitter.com/SDgoyNWals
Meanwhile, drivers were trapped in exploitative loans, including hundreds who signed interest-only loans that required them to pay exorbitant fees, forfeit their legal rights and give up almost all their monthly income, indefinitely. https://nyti.ms/2VMcroR pic.twitter.com/pIwmmB69jE
Despite years of warning signs, at least 7 government agencies did little to stop the crisis. Instead, agencies that were supposed to police the industry helped a small group of bankers and brokers to reshape it into their own moneymaking machine.https://nyti.ms/2HBHvhb
Last year, following 8 known suicides of drivers, including 3 medallion owners with overwhelming loans, NYC passed a temporary cap on ride-hailing cars and created a task force to study the industry. No one has been appointed to the task force yet.https://nyti.ms/2VMcroR
We’re working to bring this reporting to TV, too. You'll get to meet some of the drivers we interviewed and see what went into our reporting. It's just one of many stories coming in June, when “The Weekly” airs on @FXNetworks and @hulu.pic.twitter.com/W10BCfArgl
Update: A day after our investigation, the New York attorney general's office and Mayor Bill de Blasio ordered separate inquiries into the reckless loans to taxi drivershttps://nyti.ms/2VSWflN
They're all the same, then.
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