NEW YORK (AP) — The ride-hailing apps that are disrupting travel in cities around the world have also disrupted the economics of what once seemed a watertight investment — a New York City taxi medallion. The value of the medallions that confer ownership of a yellow cab has dropped from $1.3 million in 2014 to less than half that now. Some medallion owners owe more on their loans than the medallions are worth, a situation that's analogous to the housing crisis of a decade ago. Financial institutions have also been affected, with three New York-based credit unions that lend money for medallions placed into conservatorship. One of them, LOMTO Federal Credit Union, was placed into conservatorship by the National Credit Union Administration on June 26 "because of unsafe and unsound practices.Read more on NewsOK.com
Uber, Lyft Take Down Not Just Cab Drivers, But Also Lenders
NewsOK.com RSS - business >> !The Oklahoman, Daily Oklahoman: Business
Fri, 07/14/2017 - 9:23pm
BING NEWS:
- From Uber to taxis, how Brunswick's ridesharing options struggle to meet demand
"The lack of having Ubers in Southport and Oak Island and Boiling Spring Lakes is definitely because there's not much money to be made out here," said Ransom, noting she receives few ride requests in ...
01/14/2025 - 9:04 pm | View Link - Uber, Lyft settlement filing deadline extended: What NY drivers need to know
The deadline for New York Uber and Lyft drivers who were underpaid to file a claim has been extended, New York State Attorney General Letitia James announced Tuesday. The previous deadline was ...
01/8/2025 - 8:27 pm | View Link - NY Uber & Lyft drivers have money coming from a court settlement
New York Attorney General Letitia James is urging rideshare drivers who think they were underpaid by Uber and Lyft to file claims for their share of settle ...
01/8/2025 - 9:38 am | View Link - Uber, Lyft Drivers May See Higher Wages Under NYC Plan
The city’s plan threatens to further weigh on demand for ridesharing in a key market for Uber and Lyft, which are both warning that costs will be passed through to consumers.
01/8/2025 - 8:00 am | View Link - Uber, Lyft drivers can apply for $328 million in back payments through Jan. 31
Attorney General Letitia James announced an extension of the deadline after the rideshares allegedly made illegal deductions from payments to drivers.
01/8/2025 - 6:17 am | View Link - More
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