how will Medallion bailout will affect this ride share industry

Inshur

Daniello

Active Member
I sympathize with those private medallion owner who are in massive debt and i herad that they are eager for a bailout but currently Taxi Kingpin with large fleets who has lot of influence on deblasio doesn't want it happen as it could result in those private medallion owner shifting to FHV and final end of the monopoly oligarch control of taxi medallion industry.in this city. In Your opinion, how medallion bailout will affect this ride share industry?
 

051293848

Well-Known Member
If taxis are forgiven for their above market loans there will be less stress and foreclosures - the unfortunate by product would be big business coming back

But the minority 10-15% individual owners would have major weight lifted

I know people that have loans 5x of market right now...

I'm in favor of medallion forgiveness, bank got forgiveness, housing got forgiveness, car industry got forgiveness - why can't yellow?
 

Mikenike

Active Member
Uhh ur dreaming if you think there will be a bailout by city. That would make city complicit and open then up to all kinds of lawsuits

Imagine if u invested in liquor store license . Paid over what city charged then demanded damages from city. There's hundreds of these black markets based on over demanded vs what city supplied permits for. Imagine if city became liable for all of these instances.

Medallion license , liquor license, discount for minority owned business that really is not minority owned.

City owned license market is vast. On paper I will say I sold at market value. But pay my cash nobody knows

Literally think about cars I know nobody who bought car in private market that reported to city what they actually paid....you will be taxed
 
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maximumuber

Well-Known Member
They bail out Wall St and GM. Why can't they bail out medallions? Oh btw the feds were printing $60 billion dollars a month to inject to the banks from September to November.
 

Mikenike

Active Member
Uhh cause the feds can literally print money. There's a reason even NYC needs federal/ state funds to operate. No such thing as a NYC dollar.


What's about student loans that ppl paid thousands far and got no good job. Govt doesnt pay them off.

It's really simple wall St got bailout because rof lobbyist groups / rich freinds.

Think about it no president had not been independent ly wealthy B4 presidency. 400 000 is not a salary that matters to rich yet they want that job.

Drivers is not a group that cobtributes enough to politicians to get laws passed that benefit them.

Most groups are not unless wealthy.
 

051293848

Well-Known Member
By minority I don't mean black - white

I mean less percentage of medallions which are individually owned

DeBlasio said it won't be bailed by out by city funding because it's too large, so it gets pushed to state or federal

Look at the housing crash in 2008, what about all the people that took out no doc loans, then housing crashed and they were underwater, whatever amount that was above market was forgiven by loan modifications, whether someone was a multi millionaire and had assets or a blue collar working struggling for his family

I don't see this taxi example any different from the housing
 

drbrkln

Well-Known Member
I sympathize with those private medallion owner who are in massive debt....
One had to be a complete idiot to pay anything over $200,000 for this peace of plastic, called medallion (same as someone would buy 100K car to do apps in 2019). Why feel bad for an idiot ? An idiot is an idiot, and nothing one can change. Bite only what you can chew and swallow, simply, do the math before getting involved.
 
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