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\"PHOTO:
STOCK PHOTO/Getty Images
PHOTO: Taxi cabs in New York.
>

A recent two-part investigation in the New York York Times revealed how leaders in the taxi industry - medallion brokers, credit unions bankers, and lawyers - artificially drove up medallion prices, and encouraged drivers to accept risky loans.

Their loosely-regulated practices, as much as the advent of ride-sharing apps like Uber and Lyft, helped contribute to the collapse of the medallion market, according to the Times, leaving drivers - including many immigrants who spent their life savings on medallions to help propel their families into the middle class - in crushing debt.

In one example, Mohammed Hoque, a Bangladeshi immigrant and taxi driver profiled by the Times and cited in lawmakers' letter, signed a $1 million contract for a loan to purchase a medallion that, with fees and interest, would later require him to repay $1.7 million. He only paid $50,000 up front for the loan, later learning that the payment was just for taxes.

Hoque, who lives in Queens, used his savings and money from friends and relatives, and maxed out credit cards for the loan. He struggled to make payments, and had his medallions seized five times, according to the Times.

Ocasio-Cortez, a member of the House Oversight and Financial Services committees who represents portions of the Bronx and Queens, and the other lawmakers have demanded answers by the end of the month.

\"With more than 10,000 hardworking taxi drivers operating in New York City, these workers provide the foundation upon which the city’s economy depends and are a vital contributor to the transportation system,” they wrote. “These workers deserve better from their government.”

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