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Old 07-12-2019, 06:16 AM
 
20,761 posts, read 13,763,409 times
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From millions to barely 100 large; sad, so very sad.

Those poor unfortunate souls who bought when things were high must be eating their livers out.

https://www.crainsnewyork.com/transp...e-hits-new-low
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Old 07-12-2019, 06:51 AM
 
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no different then those who bought video stores and 1 hour photo businesses
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Old 07-12-2019, 07:07 AM
 
269 posts, read 94,836 times
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Yeah, it's terrible when the Gov't interferes with the free market.
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Old 07-12-2019, 07:15 AM
 
Location: Beautiful Pelham Parkway,The Bronx
8,480 posts, read 20,378,754 times
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Quote:
Originally Posted by under a mountain View Post
Yeah, it's terrible when the Gov't interferes with the free market.
Nothing to do with government. Just the opposite. Technology ( Uber,Lyft) radically changed the market. This is the epitome of free market. It would have been government interference if cities or states had stepped in by banning Uber and Lyft to save the taxi industry.

There is always risk...often big risk..in any "investment"
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Old 07-12-2019, 07:16 AM
 
140 posts, read 32,559 times
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The Taxi Union wasn't as strong as the Hotel Union. Hotels successfully banned Air Bnb to a vast extent in NYC and other cities. That was all union action in effect. UTOG wasn't strong enough to do the same with Uber.
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Old 07-12-2019, 07:43 AM
 
Location: Manhattan
1,763 posts, read 3,574,549 times
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Quote:
Originally Posted by bluedog2 View Post
Nothing to do with government. Just the opposite. Technology ( Uber,Lyft) radically changed the market. This is the epitome of free market. It would have been government interference if cities or states had stepped in by banning Uber and Lyft to save the taxi industry.

There is always risk...often big risk..in any "investment"
It's not quite as simple as that. The loans to buy the medallions were given to people who never should have qualified for million dollar loans--people making a little more than minimum wage. In addition, some wholesalers would put a medallion on the auction block and bid on it and deliberately pay an inflated price on that one medallion to drive up the price on all the others.

I believe in the free market as well, but what happened here was fraud and there needs to be regulation to keep the free market orderly and lucrative for everyone. Do the cabbies who bought them bear some responsibility?--sure they do but they were flat out lied to.

I believe that partial compensation is appropriate and in the future people should not offer risky loans to people with low income or artificially inflate prices.
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Old 07-12-2019, 08:10 AM
 
269 posts, read 94,836 times
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The Gov't controlled the supply of these things, which lead to them being inflated in value. They helped create the bubble. And being the Gov't is slow, it couldn't react to changing technology.
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Old 07-12-2019, 09:12 AM
 
Location: New Jersey
5,599 posts, read 2,908,427 times
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The TLC has created their own app too. Maybe they will start to compete with the Ubers and Lyfts.
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Old 07-12-2019, 11:09 AM
 
10,926 posts, read 9,333,955 times
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There was a huge amount of fraud that pushed medallion prices up to their peak level. It was basically a Ponzi scheme. Uber/Lyft popped the bubble. But there was no legitimate reason for medallions to get to the prices they were.

The city should take this opportunity to dissolve the medallion system.

Quote:
Originally Posted by bluedog2 View Post
Nothing to do with government. Just the opposite. Technology ( Uber,Lyft) radically changed the market. This is the epitome of free market. It would have been government interference if cities or states had stepped in by banning Uber and Lyft to save the taxi industry.

There is always risk...often big risk..in any "investment"
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Old 07-12-2019, 11:54 AM
 
333 posts, read 239,565 times
Reputation: 335
Quote:
Originally Posted by BugsyPal View Post
From millions to barely 100 large; sad, so very sad.

Those poor unfortunate souls who bought when things were high must be eating their livers out.

https://www.crainsnewyork.com/transp...e-hits-new-low
There have been a lot of suicides among the groups of medallion owners that bough near the peak.
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