Thread by @therecount

Here’s a story you may not be following closely: Thousands of NYC taxi drivers — almost all born outside of the U.S. — have been driven into financial ruin, causing several to take their own lives.

The COVID pandemic has exacerbated the crisis.

In short, many NYC cab drivers spent their life savings and signed loans reaching more than $1,000,000 to purchase a medallion, a permit to operate.

Driving provided a good living until the medallion bubble burst and ride-hailing apps like Uber and Lyft siphoned off passengers.

Despite years of warning signs, government agencies did little to stop the impending collapse.

They instead helped bankers shape the iconic NYC industry “into their own moneymaking machine,” The New York Times found. nytimes.com/2019/05/19/nyr…

Now: Cabbies owing hundreds of thousands of dollars face bankruptcy and foreclosure as they plead with the city to respond to the predatory lending practices with debt forgiveness.

Many of them begged, in tearful testimony, to NYC’s Committee of Immigration on Tuesday.

Here’s Gerson Fernandes: “Make up for the past mistake of letting in the app companies — Uber, Lyft, Via, who dismantled the taxi industry.”

And Mostapha Alabsy, who implored congressional lawmakers to include taxi drivers in the next COVID relief bill:

Felicia Singh is the daughter of a driver who is unable to pay his high monthly medallion loans. Bankruptcy court put a “For Sale” sign on her family’s home.

Here is her call to action:

https://twitter.com/FSingh_NYC/status/1359213091704233984