Mark Perry of AEI notes that taxi medallion prices are flat for the first time pretty much ever, and discusses the impact of competition from companies like on-line "Uber."
It's your license to operate a taxi, or a fleet of taxis. Like liquor licenses in many jurisdictions, there are only a finite number of them in New York, so they're...expensive...to "buy."
Eric Hines, a cosmopolitan Texan, oxymoron though that may be....
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Excuse my ignorance, as a non-Manhattanite, but what is a "taxi medallion"?
It's your license to operate a taxi, or a fleet of taxis. Like liquor licenses in many jurisdictions, there are only a finite number of them in New York, so they're...expensive...to "buy."
Eric Hines, a cosmopolitan Texan, oxymoron though that may be....
The shakedown to perpetuate a monopoly. And don't think the medallion owners aren't pulling out all the stops to kill the online taxi business!
John Stossel explains it well here (starting at around 12:40).
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