Saturday, March 18, 2017

Marketplace: New York Taxi Industry Implodes

Marketplace on Friday night looked at the hardship confronting New York City's Yellow Cabs arising from the growing popularity of ride-sharing apps.

The story notes that taxi medallions were once a solid investment and viewed as low risk by lenders.

However, after Uber entered New York City in 2011, Yellow Cab ridership started to decline. The story notes that Yellow Cab ridership is down 30 percent over the last three years.

This has caused financial hardship for taxi medallion owners and large losses for lenders that financed medallions.

Read and listen to the story.

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