"It's a ghost town," Tang remarks, as he drives through Chinatown. With ridership down 80 - 90% since March 2020, drivers count themselves lucky if they are able to snag three passengers a shift. The vast majority of Manhattan office workers haven't returned to the workplace, public school students have been in and out of classrooms, and tourism has slumped.
Fifteen years later, he still owes $390,000 on it."Thousands of drivers are feeling the same ... struggling." Tang acquired his father's $530,000 medallion debt after his death, and today pays over $2,800 a month to his asset management firm, despite only being able to pick up a few passengers per shift. When ride-sharing platforms such as Uber and Lyft entered the market in the early 2010s, the value of a taxi medallion plummeted.
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