If the answers to the last two questions are "yes", then I can't help but not have any sympathy for the plight of drivers and the expense of the medallions, especially when I read about taxi customers complaining about rude drivers, credit card machines "not working", having to wait over an hour for a taxi, etc.
The writing is on the wall. It's been on the wall for a couple years now. Taxis as we know it are a dying industry, being replaced by Uber/Lyft/etc.
And good riddance.