Thursday, January 11, 2018
NYC Airports and Taxi Medallions
As we’ve been writing about and problem solving in our practice, ride–hailing apps like Uber and Lyft are continuing to negatively impact taxi trips, revenue and “underwater” medallion owners. And now these apps are leading to declines at one of taxis’ last strongholds-New York City airports. The Wall Street Journal reports on a new analysis of Taxi and Limousine Commission data by Bruce Schaller, which found that “taxis’ share of pickups compared with app-based services at the airports has fallen from almost 100% in [June 2013] to 58% at LaGuardia and 53% at JFK [in June 2018],” even as demand for airport transportation grew.
Unfortunately, this is further unwelcome news for taxi medallion owners and will continue to suppress or reduce the value of NYC taxi medallions and compound the problem for owners of “underwater taxi medallions” (medallions whose value is less than the bank debt secured by those medallions). Owners of underwater taxi medallions are encouraged to speak with and meet Jim Shenwick.
Posted by James Shenwick