Taxi drivers need a license called a medallion to legally be a taxi. There are a finite amount of medallions available, so they’re very expensive. Taxi drivers will take out huge loans to get the medallion. When they retire, they sell the medallion which hopefully increased in price. So it’s a license that’s also a stock.
What’s really bad is that Uber tanked the value of the medallions, because now anyone can be a taxi driver and get paid worse. This is why taxi drivers hate Uber so much. They didn’t just take their business, they made their hundreds of thousands in investments basically worthless.
whats the deal with debt
Taxi drivers need a license called a medallion to legally be a taxi. There are a finite amount of medallions available, so they’re very expensive. Taxi drivers will take out huge loans to get the medallion. When they retire, they sell the medallion which hopefully increased in price. So it’s a license that’s also a stock.
deleted by creator
What’s really bad is that Uber tanked the value of the medallions, because now anyone can be a taxi driver and get paid worse. This is why taxi drivers hate Uber so much. They didn’t just take their business, they made their hundreds of thousands in investments basically worthless.
wtf