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Chicago, Illinois -- Thursday, August 29, 2019

Demetrios Manolitsis, who bought 15 medallions at inflated prices, poses for a portrait in his office. Under his hand is a stack of legal paperwork related to taxi medallion loans. He now runs a fleet of vehicles out of King Auto Repair and Body Shop but is not sure he will be able to sustain the business.

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

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Alyssa Schukar
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Chicago, Illinois -- Thursday, August 29, 2019<br /> <br /> Demetrios Manolitsis, who bought 15 medallions at inflated prices, poses for a portrait in his office. Under his hand is a stack of legal paperwork related to taxi medallion loans. He now runs a fleet of vehicles out of King Auto Repair and Body Shop but is not sure he will be able to sustain the business.<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
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