Judge rules on taxi industry lawsuit: Compete with Uber or die | Crain's New York Business: "The “catastrophe” he cited is the possible slew of loan defaults in the coming months if owners stop making payments on medallions that have plunged in value since peaking at more than $1 million and don’t generate enough income for the borrowers to repay their debts. No medallions have been sold since February, when two went for $700,000 each. A wave of foreclosure auctions could reveal that the market now considers medallions to be worth substantially less, which could trigger more defaults and auctions—a so-called death spiral.
Judge Weiss made clear that that’s not his concern. “It is not the court’s function to adjust the competing political and economic interests disturbed by the introduction of Uber-type apps,” he wrote."
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