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| Taxi Industry Leaders Got Rich. Drivers Paid the Price. | Taxi Industry Leaders Got Rich. Drivers Paid the Price. |
| (about 7 hours later) | |
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| It’s Tuesday. A giant pink flamingo floaty cruised the East River yesterday. | It’s Tuesday. A giant pink flamingo floaty cruised the East River yesterday. |
| Weather: The day starts near 60 and hits a high near 70. Expect wind gusts near 30 miles per hour. | Weather: The day starts near 60 and hits a high near 70. Expect wind gusts near 30 miles per hour. |
| Alternate-side parking: In effect until Monday (Memorial Day). | Alternate-side parking: In effect until Monday (Memorial Day). |
| In the past year and a half, eight professional drivers, including three taxi medallion owners, have died by suicide. Since 2016, 950 taxi drivers have filed for bankruptcy. And as of Monday, a city task force created last year to study the taxi industry had no members. | In the past year and a half, eight professional drivers, including three taxi medallion owners, have died by suicide. Since 2016, 950 taxi drivers have filed for bankruptcy. And as of Monday, a city task force created last year to study the taxi industry had no members. |
| The Times published an investigation this week into what caused financial ruin for so many drivers. | The Times published an investigation this week into what caused financial ruin for so many drivers. |
| Industry disrupters like Uber and Lyft have drawn lots of attention, but the real problem was that lenders made reckless loans as regulators looked on, my colleague Brian M. Rosenthal reported. The loans generated huge profits for lenders, as well as for city coffers. | Industry disrupters like Uber and Lyft have drawn lots of attention, but the real problem was that lenders made reckless loans as regulators looked on, my colleague Brian M. Rosenthal reported. The loans generated huge profits for lenders, as well as for city coffers. |
| The practices were similar to those that led to the housing market crash and global financial crisis of 2008. They also created what one analyst called “modern-day indentured servitude.” | The practices were similar to those that led to the housing market crash and global financial crisis of 2008. They also created what one analyst called “modern-day indentured servitude.” |
| Here are five takeaways from Mr. Rosenthal’s investigation. | Here are five takeaways from Mr. Rosenthal’s investigation. |
| [Read Part 1 of the investigation: How reckless loans devastated a generation of taxi drivers.] | [Read Part 1 of the investigation: How reckless loans devastated a generation of taxi drivers.] |
| Uber and Lyft did not cause the crisis in New York City’s yellow taxi industry | Uber and Lyft did not cause the crisis in New York City’s yellow taxi industry |
| The taxi medallion bubble burst in 2014. Uber entered the city in 2011, and Lyft in 2014. | The taxi medallion bubble burst in 2014. Uber entered the city in 2011, and Lyft in 2014. |
| The internet-based ride-hailing companies may have hastened the crisis, but virtually all of the hundreds of industry veterans interviewed for the investigation said the industry would have collapsed regardless because of inflated medallion prices and risky lending practices. | The internet-based ride-hailing companies may have hastened the crisis, but virtually all of the hundreds of industry veterans interviewed for the investigation said the industry would have collapsed regardless because of inflated medallion prices and risky lending practices. |
| City data shows that 97 percent of yellow cab rides start in central Manhattan, or at the airports, where Uber and Lyft are less popular. | City data shows that 97 percent of yellow cab rides start in central Manhattan, or at the airports, where Uber and Lyft are less popular. |
| On a per-cab basis, each taxi’s revenue has decreased by about 10 percent since Uber entered New York, according to the city’s data. | On a per-cab basis, each taxi’s revenue has decreased by about 10 percent since Uber entered New York, according to the city’s data. |
| Taxi industry leaders artificially inflated the price of taxi medallions | Taxi industry leaders artificially inflated the price of taxi medallions |
| To drive a yellow taxi in the city, you need a medallion. | To drive a yellow taxi in the city, you need a medallion. |
| After years of stability, medallion prices soared from $200,000 in 2002 to more than $1 million in 2014. Some industry leaders have admitted to intentionally causing prices to spike. During that time, revenue generated by taxis barely changed. | After years of stability, medallion prices soared from $200,000 in 2002 to more than $1 million in 2014. Some industry leaders have admitted to intentionally causing prices to spike. During that time, revenue generated by taxis barely changed. |
| Taxi industry leaders steered drivers into reckless loans | Taxi industry leaders steered drivers into reckless loans |
| From 2002 through 2014, about 4,000 people signed loans to buy taxi medallions. | From 2002 through 2014, about 4,000 people signed loans to buy taxi medallions. |
| Drivers borrowed up to $1 million, often without a down payment, according to financial documents. Many were required to repay their loans within three years, which was practically impossible, forcing them to extend the terms of their loans at inflated interest rates. | Drivers borrowed up to $1 million, often without a down payment, according to financial documents. Many were required to repay their loans within three years, which was practically impossible, forcing them to extend the terms of their loans at inflated interest rates. |
| Hundreds of drivers signed interest-only loans requiring them to forfeit legal rights and indefinitely give up almost every dollar they earned. | Hundreds of drivers signed interest-only loans requiring them to forfeit legal rights and indefinitely give up almost every dollar they earned. |
| You can imagine the toll: Some borrowed even more money, and a few, facing financial and other pressures, died by suicide. | You can imagine the toll: Some borrowed even more money, and a few, facing financial and other pressures, died by suicide. |
| [Read Part 2: How top officials counted money while drivers were trapped in loans.] | [Read Part 2: How top officials counted money while drivers were trapped in loans.] |
| Lenders protected themselves by selling those loans | Lenders protected themselves by selling those loans |
| People who made risky taxi loans protected themselves by selling the loans to other institutions. | People who made risky taxi loans protected themselves by selling the loans to other institutions. |
| At the market’s height, the six nonprofit credit unions most involved in the industry sold about $3 billion in medallion loans to 122 other credit unions, according to financial disclosure forms. | At the market’s height, the six nonprofit credit unions most involved in the industry sold about $3 billion in medallion loans to 122 other credit unions, according to financial disclosure forms. |
| Officials ignored years of warning signs | Officials ignored years of warning signs |
| In 2010, a city employee wrote a report showing that cabbies weren’t making enough to support their loans. | In 2010, a city employee wrote a report showing that cabbies weren’t making enough to support their loans. |
| In 2014, state inspectors gave a presentation to officials in Albany. | In 2014, state inspectors gave a presentation to officials in Albany. |
| Earlier this year, Corey Johnson, the City Council speaker, shut the committee overseeing the industry, saying it had completed most of its work. | Earlier this year, Corey Johnson, the City Council speaker, shut the committee overseeing the industry, saying it had completed most of its work. |
| The state attorney general’s office said yesterday that it had opened an inquiry into the lending practices, while Mayor de Blasio ordered a city investigation into the brokers who helped arrange loans. | The state attorney general’s office said yesterday that it had opened an inquiry into the lending practices, while Mayor de Blasio ordered a city investigation into the brokers who helped arrange loans. |
| Ruthie Arroyo, left, and Ana Robelo, both of Jersey City, protected themselves from wind and sand yesterday in Coney Island, Brooklyn. As temperatures climbed into the 80s, it was hard to believe that a week ago New York City had record cold. | Ruthie Arroyo, left, and Ana Robelo, both of Jersey City, protected themselves from wind and sand yesterday in Coney Island, Brooklyn. As temperatures climbed into the 80s, it was hard to believe that a week ago New York City had record cold. |
| Looking for the best things to do in New York City during the hottest season of the year? Our Summer in the City newsletter will kick off before Memorial Day and run through Labor Day. | Looking for the best things to do in New York City during the hottest season of the year? Our Summer in the City newsletter will kick off before Memorial Day and run through Labor Day. |
| They hoped the Catholic Church would reveal their abusers. They’re still waiting. | They hoped the Catholic Church would reveal their abusers. They’re still waiting. |
| In President Trump’s New York, a Republican rebellion leads to a change in leadership. | In President Trump’s New York, a Republican rebellion leads to a change in leadership. |
| How the Trinitarios gang killed an innocent teenager by mistake. | How the Trinitarios gang killed an innocent teenager by mistake. |
| Life as a Nxivm “slave”: whippings, branding and cold showers. | Life as a Nxivm “slave”: whippings, branding and cold showers. |
| [Want more news from New York and around the region? Check out our full coverage.] | [Want more news from New York and around the region? Check out our full coverage.] |
| The Mini Crossword: Here is today’s puzzle. | The Mini Crossword: Here is today’s puzzle. |
| Meet the immigration judges in New York, whose courtrooms are the busiest in the country. [WNYC] | Meet the immigration judges in New York, whose courtrooms are the busiest in the country. [WNYC] |
| To vote in New York’s presidential primary, you have to register very early. That may change. [Wall Street Journal] | To vote in New York’s presidential primary, you have to register very early. That may change. [Wall Street Journal] |
| Brooklyn’s Weeksville Heritage Center surpassed its fund-raising goal after it announced it might close. [Curbed] | Brooklyn’s Weeksville Heritage Center surpassed its fund-raising goal after it announced it might close. [Curbed] |
| The last iteration of the Vendy Awards, which honor New York’s best street food, will be on Sept. 19. [Grub Street] | The last iteration of the Vendy Awards, which honor New York’s best street food, will be on Sept. 19. [Grub Street] |
| Brandee Younger gives a harp performance at Blue Note in Manhattan. 8 p.m. [$25] | Brandee Younger gives a harp performance at Blue Note in Manhattan. 8 p.m. [$25] |
| “Judgment-free” karaoke and an open mic at the Bronx Beer Hall. 8 p.m. [Free] | “Judgment-free” karaoke and an open mic at the Bronx Beer Hall. 8 p.m. [Free] |
| Literary humor and stand-up comedy from the editors of the humor site Little Old Lady Comedy at Greenlight Bookstore in Prospect Lefferts Garden, Brooklyn. 7:30 p.m. [Free] | Literary humor and stand-up comedy from the editors of the humor site Little Old Lady Comedy at Greenlight Bookstore in Prospect Lefferts Garden, Brooklyn. 7:30 p.m. [Free] |
| The Shakespeare in the Park season debuts with “Much Ado About Nothing.” The play, directed by the Tony Award winner Kenny Leon, runs through June 23. Central Park. 8 p.m. [Free] | The Shakespeare in the Park season debuts with “Much Ado About Nothing.” The play, directed by the Tony Award winner Kenny Leon, runs through June 23. Central Park. 8 p.m. [Free] |
| — Vivian Ewing | — Vivian Ewing |
| Events are subject to change, so double-check before heading out. For more events, see the going-out guides from The Times’s culture pages. | Events are subject to change, so double-check before heading out. For more events, see the going-out guides from The Times’s culture pages. |
| The first printed collection of Shakespeare’s plays? Check. A copy of the Declaration of Independence in Thomas Jefferson’s hand? Check. Every issue of Vogue? Check. | The first printed collection of Shakespeare’s plays? Check. A copy of the Declaration of Independence in Thomas Jefferson’s hand? Check. Every issue of Vogue? Check. |
| Chances are, if you want to read it, it’s at the New York Public Library’s main branch on Fifth Avenue. | Chances are, if you want to read it, it’s at the New York Public Library’s main branch on Fifth Avenue. |
| But for years, the library has tried to balance competing interests: accessibility and preservation. | But for years, the library has tried to balance competing interests: accessibility and preservation. |
| Why can’t you make reading material easily accessible and preserve it? | Why can’t you make reading material easily accessible and preserve it? |
| For years, libraries have tried. The New York Public Library stored millions of items throughout its main branch on giant metal stacks. | For years, libraries have tried. The New York Public Library stored millions of items throughout its main branch on giant metal stacks. |
| But the stacks are in big rooms that aren’t good for protecting rare books and documents from sunlight, heat and humidity, my colleague Winnie Hu reported. | But the stacks are in big rooms that aren’t good for protecting rare books and documents from sunlight, heat and humidity, my colleague Winnie Hu reported. |
| Irreplaceable books and other documents were taken away in 2013 as part of an abandoned plan to replace the stacks that held them with a new lending library. The shelves remain empty. | Irreplaceable books and other documents were taken away in 2013 as part of an abandoned plan to replace the stacks that held them with a new lending library. The shelves remain empty. |
| How many books are we talking about? | How many books are we talking about? |
| Lots. | Lots. |
| The stacks held 2.5 million books from the library’s research collection, which totals about 11 million books and more than 40 million other documents. | |
| What’s a library to do? | What’s a library to do? |
| Modernizing the stacks was ruled out as too expensive (about $200 million) and impractical (Hate the sound of someone eating an apple in a library? Imagine the sound of a drill.) | Modernizing the stacks was ruled out as too expensive (about $200 million) and impractical (Hate the sound of someone eating an apple in a library? Imagine the sound of a drill.) |
| So, the library opted to expand its off-site storage and further expand and improve its storage under Bryant Park, which is next to the Fifth Avenue library. | |
| The library is considering how to use the floors with the stacks, but details haven’t been announced. | |
| It’s Tuesday — enjoy a book. | It’s Tuesday — enjoy a book. |
| Dear Diary: | Dear Diary: |
| Some years ago, I was on a crowded E train going from Penn Station to my job when I heard a clunk. | Some years ago, I was on a crowded E train going from Penn Station to my job when I heard a clunk. |
| At my feet was an iPod Touch with the earbuds attached and an iridescent green cover. I bent down, picked it up and asked the people around me if any of them had dropped it. No takers. | At my feet was an iPod Touch with the earbuds attached and an iridescent green cover. I bent down, picked it up and asked the people around me if any of them had dropped it. No takers. |
| When I got to work, I called Apple to see whether they could connect me with the owner. No luck. | When I got to work, I called Apple to see whether they could connect me with the owner. No luck. |
| The next day, I waited on the Penn Station platform near where I had gotten on the train the day before. An E train arrived, and people started to get off. | The next day, I waited on the Penn Station platform near where I had gotten on the train the day before. An E train arrived, and people started to get off. |
| I held up the iPod Touch. | I held up the iPod Touch. |
| “Did you drop this yesterday?” I said into the crowd. | “Did you drop this yesterday?” I said into the crowd. |
| “Yes,” a man said, stepping toward me. | “Yes,” a man said, stepping toward me. |
| I said that if he could enter the correct passcode, he could have it. He did. | I said that if he could enter the correct passcode, he could have it. He did. |
| I asked him for a hug, and then I took the next train to work. | I asked him for a hug, and then I took the next train to work. |
| — Lynne Bunnell | — Lynne Bunnell |
| New York Today is published weekdays around 6 a.m. Sign up here to get it by email. You can also find it at nytoday.com. | New York Today is published weekdays around 6 a.m. Sign up here to get it by email. You can also find it at nytoday.com. |
| We’re experimenting with the format of New York Today. What would you like to see more (or less) of? Post a comment or email us: nytoday@nytimes.com. | We’re experimenting with the format of New York Today. What would you like to see more (or less) of? Post a comment or email us: nytoday@nytimes.com. |
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