It's a mix. Some wealthier enterprising people consolidated many, and others were cabbies who saved up and took out loans to finance a single medallion. Anothe

It's a mix. Some wealthier enterprising people consolidated many, and others were cabbies who saved up and took out loans to finance a single medallion. Another way we might handle this is just to convince these people to cut their losses and default - the banks should have better weighed the risk of deregulation - and give the cabbies themselves reimbursement up to some fixed amount (under $10K) for the inconvenience of reregistering themselves with rideshares, or any livery cab companies.