Who owns nyc cabs

For years, Mr. Medina was the go-to …. Home Book a Ride Lost and Found. Featured Posts. Ada Robinson, 37, originally from Hong Kong attempts to hail a taxi. Stephen Yang Fear of catching the coronavirus has some cabbies and ride-share drivers discriminating against customers. NYC cabbies avoiding Chinese neighborhoods over coronav Since he began driving a taxi in , his customers have run the gamut from mediterranean … Read more…. A New York City Council commission released a report Friday recommending a publicly managed fund to bail out thousands of taxi drivers … Read more….

NY House Dems call on city to bail out thousands of cab Her husband died and left her a medallion. Hold the medallion because with a medallion, you could have several homes. They barely see their mom. You choose your medallion over us. Look what this city did to you. Islam, a Bangladeshi immigrant who came to US in , started driving a cab in I borrowed money from my friends, relatives.

It will hurt [my kids], too. I am trying my best to solve the problem and not go bankruptcy. Dorina Nitescu moved to Flushing in from Romania. As the city attempts to stagger back to normal speed, the larger outfits that can afford to take medallions out of storage are the most well-positioned to survive.

Taking medallions out of storage requires TLC inspections and paperwork approval. Usually, several owners said, these inspections can be handled immediately. Lately, you need one of a limited number of appointments, and it has to be booked three or four weeks ahead. If it continues going like that, how many are gonna go out — 20 cars across the industry out every three weeks?

You have over 10, cars parked in storage. And you have to bring original paperwork and documents. So both of those together have been a real pain in the ass. Because many drivers have been unable to go out during the pandemic, the medallion lenders have been granting payment holidays. But according to Desai, the biggest lender in the industry, the hedge fund Marblegate, has been saying that the pause on payments is about to end.

She also says that Medallion Financial, a large publicly traded lender, has started aggressively pursuing debts. Foreclosures seem to be their main response to the crisis — not settlements or debt forgiveness. Learn More. Turns out, he's driving for a private equity firm, Marblegate Asset Management, an investment firm in Greenwich, Connecticut, that has quietly emerged as the biggest player in the city's taxi industry.

Marblegate specializes in buying distressed assets and the taxi industry certainly has been in distress.