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Medallion owners facing bankruptcy are committing suicide

Discussion in 'News' started by BurgerTiime, Mar 21, 2018.

  1. BurgerTiime

    BurgerTiime

    Location:
    Minneapolis
    Driving:
    Lyft
    https://www.google.com/amp/s/nypost...or-financial-woes-before-hanging-himself/amp/

    Cabbie blamed Uber, Lyft for financial woes before hanging himself
    By Danielle Furfaro and Max Jaeger

    March 21, 2018 | 3:20pm

    [​IMG]
    Nicanor Ochisor's cab sits covered under snow in his driveway in Queens.Ellis Kaplan
    A New York yellow cab driver faced with the prospect of losing his house due to competition from ride-hail apps such as Uber and the devaluation of his taxi medallion killed himself Friday.

    It is the fourth suicide of a desperate hack in as many months — and the first of a medallion owner, according to Richard Lipsky of the Taxi Medallion Owners and Drivers Association

    Nicanor Ochisor, 65, was found hanging in the garage of his Maspeth home by his adult son on Friday, Lipsky said.

    Ochisor had been struggling financially and was on the verge of losing his house in foreclosure, according to friends.

    “He said ‘I’m old, I’m tired, and I’m not going to make it,’” fellow hack Nino Hervias, 59, recounted of a conversation he had with Oshisor last week.

    “He was only making $200 a day working 10 to 12 hours,” he said, adding that’s barely enough to cover overhead.

    Oshisor blamed flagging business to the proliferation of ride-hail apps such as Uber and Lyft, the friend said.

    “He was devastated,” Hervias said. “He told me there’s nothing we can do, Uber has so much money and power. I told him to hold on because we have a different city council today and a new speaker, and they might listen to us.”
     
  2. Selfish and arrogant people, they should learn from us that we don't care to drive for charity and donations or less and make a little sacrifices to help others to save money
    Lol
     
  3. Ozzyoz

    Ozzyoz

    Location:
    MSP
  4. LuisEnrikee

    LuisEnrikee

    Location:
    San Diego
    Driving:
    UberX
    Sucks to have been him .
    Honestly I hate that I drove for these companies but when it comes down to it I don’t blame them . I blame myself . He should of tried a different career path .
     
    Nagodesi and JoshInReno like this.
  5. “He was only making $200 a day working 10 to 12 hours,” he said, adding that’s barely enough to cover overhead. “He was devastated.”
     
  6. Hackenstein

    Hackenstein

    Location:
    NYC
    He wasn't driving for a 'company.' He purchased a Medallion from the City of New York, whose value was based on the fact that it grants the sole legal right to street hails in NYC. That right was handed off to Uber for nothing, which also has no limit on cars (10x yellow cabs at last count), and the Medallion value collapsed.

    He and his wife drove for 25 years, paying off the loan and financing a home, knowing that when they got too old they could give the Medallion to a fleet, which would provide a steady income.

    His career choice was fine. The City abandoned him and left him with no way out.
     
  7. The medallions, the "Ridesharing" are the con schemes just to benefit a few and can only survive by exploting the third world labor.
    Why the cabbies in Berlin can make living driving the Mercs and using all kinds of "innovations" incl. Uber app without the medallions and the "Ridesharing" nonsense ?
    Sie sind echte Uber-Fahrer !
     
    Berliner and hackco like this.
  8. Hackenstein

    Hackenstein

    Location:
    NYC
    Ride sharing is certainly a con, Medallions are not. Medallions are (were) a path to ownership and a great example of the American Dream.

    NYC once had the massive oversaturation Uber has now created, no one made any money and it was a dangerous situation for everyone . We've come back full circle.

    The only reason Uber can keep going with 10x more cars on the road than necessary in NYC (to keep wait times down) is because their business model is completely false, based on an billions on top of billions of new Venture Capital pouring in which still subsidizes around half of every ride.
     
  9. SEAL Team 5

    SEAL Team 5

    Location:
    Phoenix
    Driving:
    Livery
    The mom and pop bakeries, the mom and pop butcher stores, the mom and pop vegetable stands all blamed the supermarkets for their financial woes back in the 50's. Kmart, Sears, Toys R Us all blame online shopping for their financial woes. And now the fare for hire industry blames Uber/Lyft for their financial woes. All these new industries had one thing in common. Demand from the consumer.

    The only way you're going to beat Uber/Lyft and maintain normal pricing is to offer a service far superior to their cheap compact car driving, not knowing the area operators. Of course not everyone can afford the $5/mile rates, but target the ones that can and provide exceptional service. We've been in business in the Phoenix/Scottsdale area for nearly 20 years and our revenue has not fallen off at all since Uber started here back in 2012. You just have to find your niche.
     
  10. uberdriverfornow

    uberdriverfornow

    Location:
    no
    if he was making $200 take home on 10 hours then that's $20 an hour and not exactly crumbs

    we tend to spend what we make and unfortunately he got used to make more than that and couldn't take making less

    assuming this story is real, apparently they they chose the absolute worst pic in history of this guy and used in the story after almost completely mutilating it
     
    tohunt4me likes this.
  11. Hackenstein

    Hackenstein

    Location:
    NYC
    He lived in Queens in a very modest home. He wasn't making enough to meet his mortgage. What he could make by giving his Medallion to a fleet has been cut in half and his daily take home pay by roughly a third thanks to Uber doing what yellow cabs do without paying for it.
     
    Last edited: Mar 23, 2018
  12. Kind of tough to compete when the politicians who set your rates are investors in your competitor don’t you think? o_O

    Also comparing those businesses going out of business to Uber who gets the opportunity to follow no major rules like cabs it’s kind of hard to compete don’t you think? o_O

    There’s a difference between making less and being forced to a situation where you’re making less.
     
    njn, tohunt4me and uberdriverfornow like this.
  13. Beemer

    Beemer

    Location:
    Phoenix
    First of all Uber did not play by the rules set for transportation companies, started in Phoenix as illegal service and then used the Govenor to change the rules in their favor. They contributed heavily to Duceys campaign and when he took office the 2nd week he signed regulation to stop citing Uber drivers. 2nd instance was allowing Uber to pickup from the Airport, city and airport were against but Doug Ducey used his executive power to overrule them, and again changed laws in their favor.

    Lets no look into the whole SDC episode and the person who was the promoter....

    I do also business in the Valley as Suv driver for vip’s and I know a whole lot of drivers and not a single driver is making what he used to make, maybe you’re the exemption but I see Uber picking up 75% of the conference guests and most of Scottsdales regulars are now ride share customers.
    Uber is not comparable with regular competition since they only want to play by their rules and bribe and cheat! Retail losing business to e.g. Amazon is nothing new but innovation and technology make that cheaper to operate and the consumer is getting lower prices, not by changing regulations and cutting corners!
     
    XPG, uberdriverfornow and tohunt4me like this.
  14. SEAL Team 5

    SEAL Team 5

    Location:
    Phoenix
    Driving:
    Livery
    Of course, Amazon is cheaper. They're cutting the retailer out, cutting the salesman out, cutting the stock boy out, cutting the security guard at the retail store out, cutting the maintenance man at the retail store out, cutting the managers, general managers, sales directors, Vice Presidents and most likely many more indirect jobs with an Internet app. A lost job means lost income tax and unemployment compensation being paid, EBT being given out, gov't aided healthcare being sought after, application for Welfare being filed etc.

    What would you estimate the dollar amount in lost sales tax to be with online shopping? Now granted some states do charge sales tax if the origin of sale is in that state, but 90% of goods sold on the Internet are tax exempt.

    Uber SUV is right around $5/mile. They haven't changed the acceptable price for high end. Only the low end has really changed.
     
    tohunt4me likes this.
  15. That didn't answer any of my questions.
     
  16. dirtylee

    dirtylee

    Location:
    Dallas
    Driving:
    UberX
    The rest of these old geezers need to realize, their medallions aren't going to be worth **** in 5 years. Cat is out of the bag, If YOU ARE THAT INVESTED IN SOMETHING, ALL IN, you are a ****ing moron if you are still holding on to it. The end.

    stop *****ing, fair this fair that, welcome to the rest of the real world {where people lose their investments}
     
    JoshInReno and Eugene73 like this.
  17. Hackenstein

    Hackenstein

    Location:
    NYC
    You should really educate yourself on how much commitment is involved when purchasing a Medallion in NYC.

    This man and his wife worked for nearly three decades paying off a loan to own the Medallion as a means of retirement because it was sold as the exclusive right to street hails. And it was in a framework where adding additional Medallions to the market was based on real environmental impact studies and demand. Not merely flooding the City with 120,000 cars (and counting).

    The City abandoned their legal obligation to this man, period. You don't sell someone something based on one thing then change that when you feel like it. If you do that, then give him his money back.
     
    phillipzx3 likes this.
  18. dirtylee

    dirtylee

    Location:
    Dallas
    Driving:
    UberX
    Sunk cost fallacy.
    Cat is out of the bag.
    Using the medallion as means of retirement funding is moronic plan in today's age.



    Welcome to capitalism!!! {late stage}
     
    JoshInReno and Eugene73 like this.
  19. Hackenstein

    Hackenstein

    Location:
    NYC
    That's like saying it's moronic to take out a mortgage and pay it off to own a home.

    Same exact thing, except the City broke their contract and left these people with nothing.

    Zero to do with 'capitalism.' Polar opposite, in fact.

    Good luck with your version of reality.
     
    phillipzx3 likes this.
  20. Rakos

    Rakos

    Location:
    Tampa Bay
    Driving:
    UberXL
    Who needs to buy a home...

    When you can rent it...?

    Rakos
     

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