San Francisco made millions of dollars selling taxi medallions a decade ago, but now drivers say the crushing debt burden is literally killing them.
Before the rise of Uber and Lyft, the city raked in around $64 million selling drivers a license – or medallion – to operate a cab for $250,000 a piece.
Soon after, new app-based ride service companies got a welcome reception at City Hall and things started going rapidly downhill for medallion owners.
Now, hundreds of taxi drivers are stuck with huge debt payments and a dying business.