Purchasing medallions, or certificates to own and operate an independent cab, was once what drivers like Aliyu saw as a ticket into middle-class life in America. After camping outside City Hall in a tent for 32 days, Aliyu said the hunger strike is “the only thing left.” He said he didn't realize at the time that the loan he had signed was risky and loosely regulated, and his dream became a nightmare. At the same time, bankers, brokers and investors in the city artificially drove up the taxi medallion prices, creating a bubble that peaked at over $1 million. But that bliss was short-lived.Īs Uber and Lyft grew in popularity, Aliyu began to lose business. By making money with his own cab, he was coming out of poverty, and the high price tag of the medallion seemed worth it. “Life was beautiful,” he said of the first few years after he bought it. When Aliyu first purchased his $100,000 medallion at a New York City auction in 2004, he said, it felt like he had achieved his dream.
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