The taxi industry has been brutally crunched on two sides—from skyrocketing operating costs, on the one hand, and a sharp decline in business, on the other. When the bubble burst in late 2014, the value of medallions crashed, leaving drivers with no savings and deep in debt. A rash of suicides among them has followed. At the same time, those already struggling to repay loans found their income drastically reduced by competition from Uber and other ridesharing companies. Erick Castro is left shaking his head, wondering why one of the city’s most faithful and enduring modes of transportation has been the one to go.
