NYC Taxi Driver Hunger Strike

In 2021, I interviewed a taxi driver undergoing a hunger strike in hopes of receiving debt relief from the state and his creditors. It was an enlightening conversation.

Two years prior, the New York Times published an investigation revealing how predatory lending practices devastated thousands of New York City taxi medallion owners. Industry leaders, lenders, and brokers artificially inflated medallion prices from $200,000 in 2002 to over $1 million by 2014, while pushing dangerous loan terms including interest-only loans, hidden fees, and balloon payments. Though competition from Uber and Lyft contributed to the market collapse, the fundamental problem was an unsustainable lending bubble that enriched industry insiders while trapping drivers in crushing debt.

The investigation highlighted immigrant drivers like Mohammed Hoque, who took on $1.7 million in loan repayments to purchase a $1 million medallion. Despite paying approximately $400,000, he still owed $915,000 plus interest. The crisis resulted in at least eight driver suicides and more than 950 medallion owners declaring bankruptcy. City officials were criticized for failing to regulate the industry's lending practices and for not providing meaningful relief to affected drivers after the market collapsed.