After protesters embarked on a 15-day hunger strike, New York City announced a city-funded deficiency program to lower monthly payments for taxi drivers who have accrued severe medallion debt.
The city created the medallion system to regulate the number of taxi cabs on the streets. However, unregulated companies like Uber and Lyft have saturated the market, depleting the worth of a medallion. Before these companies took over New York City streets, a medallion was estimated to be worth about $1 million. Now, medallions are worth around $160,000.
