When Nino Hervias scraped together the down payment for a coveted yellow taxi medallion in 1991, he thought he had it all figured out. He plunked down $118,000 for the medallion and watched its value soar. The value of the medallion hit $1.3 million in 2014 with no ceiling in sight. But 25 years after making the purchase, that dream has become a nightmare.
Hervias’ medallion has now plummeted in value with the surge of e-hail apps like Uber and Lyft — and he spends all of his waking moments behind the wheel, in an all-out war for passengers that requires jousting with umpteen other drivers.
Keywords
driver pay industry regulations Lyft New York operators New York Taxi & Limousine Commission regulatory enforcement taxis TNCs Uber
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