Taxi medallion prices, after rising continually for many years, are continuing to fall, with app-based hailing services like Uber taking the blame. The New York Times reports that in NYC individual taxi medallions, whose owners must drive a taxi for roughly 180 shifts per year, fell to $805,000, down 23 percent from 2013’s peak of $1.05 million. Corporate medallions, which may be owned in fleets, traded on average at $950,000, down 28 percent from their peak.
In New York, yellow taxi business has been cut not just by Uber but by the green or outer borough taxis. There is a strong feeling among owners of yellow medallions that the TLC is failing to enforce rules that protect their traditional and investment-backed expectation that they will have the exclusive right to street hails, at least in Manhattan.
The Times reports that medallions are barely selling at all in Chicago and Boston as financing has dried up.
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