And, and the city sold these drivers a dream of a ticket to a middle class life, a ticket that could be paid for by purchasing a medallion. And The Bloomberg administration had a budget shortfall. And to meet that shortfall, they started to artificially inflate the cost of that medallion from its innate worth of about $200,000 all the way to a million dollars. And in the years that progressed after that, they invited lenders into the market that had just been taken out of the housing market because their role in the crash, the city allowed hundreds of thousands of for hire vehicles. (09:21–09:34)
CLAIM
Asserts that the Bloomberg administration inflated medallion prices from $200,000 to $1 million to cover a budget shortfall.
This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.
.jpg)