New York City Cabbies Rescued From Debt Crisis In ‘New Dawn’ For Iconic Taxis

Prices for the medallions, which are limited in number, began to soar about 20 years ago, peaking above $1 million by 2014. Many cabbies took on massive debt to pay for them, even if they couldn’t afford it. The medallion market collapsed later that year, and many drivers went bankrupt. Some died by suicide, prompting investigations into market practices, but not before drivers were saddled with unaffordable repayments.

Article source: https://www.huffpost.com/entry/new-york-city-cab-medallion-bailout_n_61833a00e4b0c8666bd7a509