Hundreds of taxi medallions have been foreclosed on this year and the city’s taxi drivers union says “thousands more” may be coming as the industry struggles to compete with services like Uber and Lyft.
The Cab Drivers United AFSCME Council 31 released a report showing that 774 taxi medallions — required to operate a cab — have been given back to the city as owners have been unable to pay the taxes and license fees associated with it.
“Thousands more foreclosures are likely,” said Tracey Abman, associate director of the union.
“For many purchasing a medallion was an investment in their future,” Abman said. “Many are now facing a possibility of a lien being put […]