Show Navigation

Chicago, Illinois -- Thursday, September 19, 2019

John Henry Assabill, the founder of the Gold Coast Taxi fleet, poses for a portrait in his home office. Assabill encouraged other Ghanian taxi drivers to buy medallions as an investment, including when prices reached $300,000 per medallion. Today, two-thirds of the men have filed or are in the process of filing for bankruptcy, Assabill said.

The city of Chicago gave Assabill a taxi medallion for being the best driver in 2004, but Assabill was talked into borrowing against the medallion and eventually went bankrupt.

Chicago taxi medallions, now worth about $25,000, were once valued at nearly $400,000. The market's crash and predatory loans caused many medallion owners to declare bankruptcy in a situation made worse by the introduction of ride share apps like Lyft and Uber to the market.

CREDIT: Alyssa Schukar for The New York Times
30230061A

Add to Lightbox Download
Filename
2019-ChiTaxi-4789.JPG
Copyright
Alyssa Schukar
Image Size
6556x4371 / 3.8MB
www.alyssaschukar.com
Contained in galleries
Chicago, Illinois -- Thursday, September 19, 2019<br />
<br />
John Henry Assabill, the founder of the Gold Coast Taxi fleet, poses for a portrait in his home office. Assabill encouraged other Ghanian taxi drivers to buy medallions as an investment, including when prices reached $300,000 per medallion. Today, two-thirds of the men have filed or are in the process of filing for bankruptcy, Assabill said.<br />
<br />
The city of Chicago gave Assabill a taxi medallion for being the best driver in 2004, but Assabill was talked into borrowing against the medallion and eventually went bankrupt.<br />
<br />
Chicago taxi medallions, now worth about $25,000, were once valued at nearly $400,000. The market's crash and predatory loans caused many medallion owners to declare bankruptcy in a situation made worse by the introduction of ride share apps like Lyft and Uber to the market.<br />
<br />
CREDIT: Alyssa Schukar for The New York Times  <br />
30230061A
Info
  • Facebook
  • Twitter
x

Alyssa Schukar Photography

  • Video Projects
  • About + Contact
  • Consulting + Speaking
  • Instagram
  • Archive
    • All Galleries
    • Search
    • Cart
    • Lightbox
    • Client Area
  • Portfolio