[ruddct]

NYC-specific comment:

Taxi drivers don't typically own their medallions. Medallions are typically owned by medallion holding companies, which lease out their cars to drivers.

Very low interest rates fueled medallion companies to push the price of medallions higher and higher. Everyone was bidding for what they saw as a good with fixed-supply. Then Uber came along. Turns out they were wrong.

So who suffers? Banks that made bad loans and a small number of stagnant companies whose business models are now obsolete. Business as usual. The world keeps turning. Drivers will just shift to Uber or one of their myriad competitors.

Having Uber or the city bail out these banks/holding co's would be a little ridiculous. Let the businesses that made bad decisions deal with the consequences.