The need for the medallions that confer possession of the yellow cab has dropped from $1.3 million in 2014 to under half that now.
One of these, LOMTO Federal Lending Institution, was put into conservatorship through the National Lending Institution Administration on June 26 “due to unsafe and unsound practices.”
Banking institutions are also affected, with three New You are able to-based lending institutions that lend money for medallions put into conservatorship.
Some medallion proprietors owe more about their loans compared to medallions count, a scenario that’s similar towards the housing crisis of about ten years ago.
NEW You are able to (AP) — The ride-hailing apps which are disrupting travel in metropolitan areas all over the world also have disrupted the financial aspects of the items once appeared a water tight investment – a brand new You are able to City taxi medallion.