It's Over: New York's Taxi Industry Reaches Its End

It’s Over: New York’s Taxi Industry Reaches Its End

Taxi drivers in New York City say they are coming to an end, as the COVID-19 pandemic has had a catastrophic effect on the sector.

With many drivers still drowned by the license crisis (medallion), and the devastating entry of Uber, Lyft, and Via, the pandemic has not only killed more than 60 drivers and infected many others, but its economic impact has been severe, and the Taxi and Limousine Commission reported that trips fell as much as 84 percent in their days leading up to the virus.

“We have finished, we have been destroyed,” said Mouhamadou Aliyu, a taxi driver from the city.

While there was a slight increase in taxi rides in June, they are still down by more than 70 percent compared to before the pandemic.

Those who suffer the most are drivers like Mouhamadou, who owns a yellow taxi license from the city’s Taxi and Limousine Commission, and still owes more than $ 600,000 to the bank.

Desai says the city should step in on behalf of license holders and encourage banks to reduce debt.

In a statement to FOX 5 NY, the Taxi and Limousine Commission said:

“Most lenders, with the exception of PenFed, are working with their borrowers and the TLC and our Driver Resource Center have been successful in helping Homeowners achieve better borrowing terms.”

Mayor De Blasio has said the city does not have the financial means to rescue taxi drivers, but reiterated his belief that the federal government should step in to help.

It’s Over: New York’s Taxi Industry Reaches Its End