How New York taxi drivers were conned and bankrupted by medallion loan sharks

Originally published at: https://boingboing.net/2019/05/20/how-new-york-taxi-drivers-were.html

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Loan sharks are always a problem. But I can’t help but think the entire medallion scheme the city forces on cabbies may be the bigger culprit.

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According to the articles, NYC made nearly $1B in one year selling bubble-priced medallions. The mayor apparently needed the money to help close a budget shortfall.

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The NYC medallion racket was rife with sleaze and corruption from end to end, so of course predatory lenders would get in on the action. I don’t have a lot of good things to say about Uber, but I am pleased it exposed this scummy business for what it is (even though it just replaced it with a different kind of exploitation).

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I find replacing corruption with more corruption (and even lower wages) to be a poor substitute.

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