If only taxi medallions were issued in a reasonably fair manner, such as a fixed fee with no quantity limits, or an annual auction with quantity limits... A be

If only taxi medallions were issued in a reasonably fair manner, such as a fixed fee with no quantity limits, or an annual auction with quantity limits... A better analogy would be if the government, starting in 1930, only allowed there to be 3 restaurants in the city, and sold you one of the licenses for a sum of 1 cent. Now it's 2015, there are still only 3 restaurants in the city, and because the license is permanent and transferable, now it's worth $50 million. Then food trucks come and take all your business.