Chicago, Illinois -- Thursday, August 29, 2019
Photographs of taxi drivers who John Henry Assabill encouraged to buy medallions line his basement wall. The city of Chicago gave Assabill a taxi medallion for being the best driver in 2004, but Assabill was talked into borrowing against the medallion and eventually went bankrupt.
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