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.
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