June 28, 2017

Thousands Of Cab Owners Will Go Bankrupt In Fight With Uber, Lyft

1987 Chevrolet Caprice New York Taxi Cab
By Joolack (Own work) [CC BY-SA 3.0], via Wikimedia Commons

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 […]

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The News for the Gig Economy Staff is constantly searching the web for the latest news regarding freelancing and gig platforms to bring them to you in one handy place. All articles with this generic author have been sourced with the original location at the bottom of the piece. We encourage our readers to view the original source of all excerpts. NGE is a project of ARC Online, LLC.

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