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Old 11-03-2021, 10:57 PM
 
3,857 posts, read 3,114,250 times
Reputation: 4237

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I feel less bad for fleet owners?, but yes, bail em out.

It's a tough job, and dreams were made working 80 hr shifts. Driving all sorts of people around the city and airports ain't easy.

Alot of these Independent owners borrowed on that dream, did right with that american dream , own 3 family homes, and kids through school. 6 days a week! Heavy heavy load to carry, but carried on they did.

Meanwhile, nyc permitted the green taxi ,black car was always around. The three found their zones and stuck to it.

But then the uber/Lyft business f it up for everyone! There should have been a low cap from the beginning. Who let this shhh fly through? This is why the Bailout is right. NYC allowed the problem to become.

The pandemic just made it worse, but it was brewing before that. Let's se what becomes of it.
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Old 11-03-2021, 11:44 PM
 
31,626 posts, read 26,458,929 times
Reputation: 24443
Thing is NYC isn't paying a GD nickel for their share of taxi relief funds. It's all coming out of covid related federal stimulus money that Schumer schemed for city to get.
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Old 11-04-2021, 02:46 AM
 
105,720 posts, read 107,700,939 times
Reputation: 79350
Quote:
Originally Posted by Kefir King View Post
I got screwed on the price I got from a house sale.

Where do I go to get reimbursed for my loss?
How about all those who took loans to. open video stores or photomats ? Where is their relief from a bad business decision ?

Blockbuster came in the way Uber and Lyft did and drove the video store out of business
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Old 11-05-2021, 07:19 AM
 
7,759 posts, read 3,829,898 times
Reputation: 8846
Quote:
Originally Posted by mathjak107 View Post
How about all those who took loans to. open video stores or photomats ? Where is their relief from a bad business decision ?

Blockbuster came in the way Uber and Lyft did and drove the video store out of business
There's a BIG difference between a medallion and a private business loan.

The city not only artificially manipulated the medallion value but they essentially allowed Uber and LYFT to come in, bent Uber over and made them cough out a NYC surcharge then let them cannibalize Medallion traffic. Continued to collect medallion fees/loan repayments even as the value dropped didn't even adjust the loan amount or amortize....

Let's say in a parallel universe, medallion was worth $500k 20 years ago its worth $50k at best now. Just basically cancel the debt or these holders should sue for fraud. They made a contract with the city in good faith and "got rugged" like a Fraudulent crypto meme project.

That's why I think it's hilarious that anybody scrutinized Blockchain or Crypto which is leading to accountability and transparency compared to our local government, which is neither.

Is it any wonder Squid games are popular? The reality is actually worse.
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Old 11-05-2021, 07:37 AM
 
105,720 posts, read 107,700,939 times
Reputation: 79350
Quote:
Originally Posted by Tencent View Post
There's a BIG difference between a medallion and a private business loan.

The city not only artificially manipulated the medallion value but they essentially allowed Uber and LYFT to come in, bent Uber over and made them cough out a NYC surcharge then let them cannibalize Medallion traffic. Continued to collect medallion fees/loan repayments even as the value dropped didn't even adjust the loan amount or amortize....

Let's say in a parallel universe, medallion was worth $500k 20 years ago its worth $50k at best now. Just basically cancel the debt or these holders should sue for fraud. They made a contract with the city in good faith and "got rugged" like a Fraudulent crypto meme project.

That's why I think it's hilarious that anybody scrutinized Blockchain or Crypto which is leading to accountability and transparency compared to our local government, which is neither.

Is it any wonder Squid games are popular? The reality is actually worse.
Well the city approved the zoning and opening for block buster stores.. that allowed unfair competition which wiped out the small stores.

There is always going to be businesses that come along that do things better and cheaper then those before them devaluing older businesses.

Ibm has been a terrible investment for decades for those who put money in it as others have come along and did what they did or tried to do , better and cheaper

Last edited by mathjak107; 11-05-2021 at 07:48 AM..
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Old 12-18-2021, 11:02 AM
 
Location: Manhattan
25,341 posts, read 36,845,576 times
Reputation: 12735
Gotta love when people who make bad investments think that everyone else should reimburse them for their stupidity.

In 1938, taxi medallions cost $10. If some idiot (or, more likely. idiotic corporation) is stupid enough to have paid $1 Million for the same thing, they don't deserve a societal bailout any more than GM did in 2008-2009.

Quote:
By 1950, the medallions cost $5,000 on average. This price continued to rise up until 2014 when a medallion cost $ 1.3 million dollars. Afterwards, prices dropped and many of those who bought medallions at high prices, are now paying debts that average ranging between $500,000 and $600,000 dollars. Currently, the price of a taxi medallion ranges between $120,000 and $150,000.
Capitalism for the poor but Socialism for then rich STINKS.
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Old 12-18-2021, 11:34 AM
 
Location: New Jersey
11,190 posts, read 9,004,696 times
Reputation: 13946
The Program provides the following support to participants:

Financial Support:
$20,000 down payment to help restructure medallion-related loans
$9,000 in monthly debt payment assistance
Legal Support and Guidance for Medallion Owners:
Legal and financial guidance from professionals at the TLC Owner/Driver Resource Center to reach new terms with lenders.


https://www1.nyc.gov/site/tlc/about/...f-program.page

TLC and NYC screwed it up by creating the Green taxi cabs. They should have forced Yellow cabs to service the entire 5 boroughs.

Yellow cabs got arrogant and only wanted to service the affluent parts of NYC (Columbus University to Battery Park, JFK, LGA,) and allowed their competitors to come in and set-up shop.

TLC and NYC wanted to make more $$$ and kept increasing the value of a medallion while allowing competition to enter the market with less restrictions.

A marriage made in full returd.
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Old 12-18-2021, 07:56 PM
 
33,392 posts, read 46,804,398 times
Reputation: 14045
Quote:
Originally Posted by Mr. Ryu View Post
The Program provides the following support to participants:

Financial Support:
$20,000 down payment to help restructure medallion-related loans
$9,000 in monthly debt payment assistance
Legal Support and Guidance for Medallion Owners:
Legal and financial guidance from professionals at the TLC Owner/Driver Resource Center to reach new terms with lenders.


https://www1.nyc.gov/site/tlc/about/...f-program.page

TLC and NYC screwed it up by creating the Green taxi cabs. They should have forced Yellow cabs to service the entire 5 boroughs.

Yellow cabs got arrogant and only wanted to service the affluent parts of NYC (Columbus University to Battery Park, JFK, LGA,) and allowed their competitors to come in and set-up shop.

TLC and NYC wanted to make more $$$ and kept increasing the value of a medallion while allowing competition to enter the market with less restrictions.

A marriage made in full returd.
In London the cab driver knows every street. You can tell them to take you to some street in Tottenville SI from the Bronx and they will know how to get there, this is before GPS - and no problems hailing them either.

Why should I feel sympathy for an industry that wouldn't take my money half of the time?
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Old 12-18-2021, 08:26 PM
 
593 posts, read 466,037 times
Reputation: 1187
Cab drivers and medallion owners were given a monopoly by the city, a policy which I disagreed with. That being said, the city violated that contract, and many people who trusted the system got hurt. Cab drivers and medallion owners should be able to sue for breach of contract and receive just compensation.
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Old 12-20-2021, 02:12 PM
 
254 posts, read 143,722 times
Reputation: 265
i see a lot of TLC car service or rideshare drivers driving mercedes S500s, Tesla 3/S/SUVs, Escalades. How do they make any money? the expenses on those vehicles must be a big hit to their gross weekly profits. They cant possibly be making more than minimum wage after expenses
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