In yet another tragedy to hit the New York taxi industry, 58 year old Roy Kim is the latest cabbie to take his own life.
Roy Kim's death is the eighth suicide in twelve months, as debt-ridden drivers struggle earn a living in the wake of the unchecked growth of ride hailing apps such as uber and lyft.
Mr Kim, who lived in Bayside, Queens, had recently purchased his medallion, however he saw his income plummet, and was trying to service the $500,000 debt according to reports in the New York Post.
Taxi and Limousine Commissioner Meera Joshi offered her condolences to Mr Kim's family. Initial reports have confirmed that Mr Kim had hanged himself with a belt on November 5th.
The New York Taxi Workers Alliance Director Bhairavi Desai stated the crisis can be fixed, and compared the situation to the 2008 housing crisis.
She added that banks and lenders need to write off 20 percent of outstanding debts, lower interest rates, and restructure contracts so that no owner-driver has to lose more than 20 percent of their monthly income to the mortgage.
News of the suicide broke on the same day that a bill was passed to look at the falling value of medallions and how drivers can be helped.