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How does a New York City taxi driver who makes about $22,000 a year get a loan for almost $1 million? Our reporters investigating the taxi industry for “The Weekly” found that a group of under-regulated industry leaders created a financial bubble in the market for medallions, the permits that let drivers own their own cab. Bankers, brokers, fleet owners and even city officials artificially inflated the prices of medallions and reaped huge profits by steering immigrant drivers into reckless loans.
The Fallout
After The Times first published its investigation in May 2019, various government officials vowed to take action.
The city is investigating the brokers.
The state has begun an inquiry into the lenders.
The federal government is reviewing some of the regulators.
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Mohammad Hossain is still driving his cab and struggling to pay the $700,000 left on his loan. With his medallion worth only about $150,000, he hopes that the city will help him and other drivers reach a deal with their banks.CreditAdam Beckman for The New York Times.
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