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Uber invasion in NYC killing loan market for taxis

New York Community Bancorp has put its taxi-loan portfolio up for sale, for instance

DISRUPTIVE MODEL: Uber's decision a year ago to cut prices on its UberX service in New York attracted more drivers and sparked the slump in medallion prices, according to Bloomberg Intelligence analyst Harvey Lei.

New York

CABBIES aren't the only ones feeling the heat from Uber Technologies Inc's incursion into New York City. Their lenders are, too.

Taxi companies typically borrow against the value of medallions - licences to carry passengers - and then refinance the loans before they come