Gothamist: Things You Already Knew: Taxi Medallions Worth A Bundle

Jack Feldman

Wed, 21 Jun 2006 02:09:17 -0500

Gene Friedman owns 700 NYC taxi medallions. As one of the largest owner, he has the most interest in keeping the market price high and raising it's current value. The problem is that he is allowed to control the market by doing so. New York City should limit the number of medallions that one individual can own. A mega owner that control the free market, is converting it to a monopoly that will never give a fair chance to anyone else but the monopolist.

mickster

Sun, 18 Jun 2006 20:53:45 -0500

The reason the medallions are worth so much is there are relatively, so few. You may never recoup the price of one just by driving a cab, but you can always sell it later for more than you payed. There are even special loans, essentially mortgages, for Taxi Cab Medallions in New York City. They are of course transferable from one vehicle to another.

Perry

Sun, 18 Jun 2006 09:36:46 -0500

Yeah - the market price of a medallion is half a million dollars and then we wonder why you can't get a cab during rush hour, or why cabbies are trying to add on a $1.50 gas surcharge onto fares.

Buzz's Buddy

Sat, 17 Jun 2006 17:41:57 -0500

Huh. I did not, infact, know that taxi medallions were worth so much. Learn something new everyday I guess...