Catherwood LibraryILR School

New York City is famous for their yellow medallion cabs; those who want to drive one need to either own or lease a taxi medallion issued by the city. The limited number of medallions skyrocketed their value, from $50,000 in the late 1970s to over $1 million by 2014. Taxi driving in New York City was the go-to occupation for working class immigrants with limited language skills and job opportunities who sought the American dream and who saw stable, long-term income in the investment towards a medallion. But the arrival of Uber in 2011 drove taxi ridership downwards, officially overtaking taxis in 2015, and sinking the worth of a taxi medallion as many drivers left taxi companies to work for Uber and its various counterparts. Those who left taxi companies were sometimes fleeing abusive and corrupt employers, but not all drivers have been happy with Uber due to Uber’s growing price cuts, commissions, and the lack of support towards workers’ rights. Those who continue to drive traditional taxis may find themselves in deep debt as they pay off loans as high as $830,000, with their original plans to sell the medallions now for naught. Taxi drivers remain independent contractors who are not protected under the National Labor Relations Act, and those wishing for union help may join the New York Taxi Workers’ Alliance (NYTWA), but the entity has no collective bargaining rights.