New York City has awarded $350 million in debt relief to many medallion owners since 2022. San Francisco, however, has not.
Taxi drivers in San Francisco want financial relief from their medallion debts as the industry continues to suffer in the age of rideshares.The taxi industry in San Francisco continues to experience hardship even after the pandemic. The closures of downtown businesses and fewer conventions have aggravated the situation even further.Once worth tens of thousands of dollars like fool's gold, today they are a nearly worthless investment after ride sharing companies came online.
Here's how it all started. Sometime in the early 2000s, before Uber and Lyft, the demand for more taxis grew in San Francisco.
"The right thing for the city to do now is to return all or most of the money to the medallion buyers," expressed one medallion owner in front of board members.
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