Taxi Medallion used to cost more than 500k in NYC. So half or more of your fare are going to some guy that bought the medallion years ago (or some investors ac

Taxi Medallion used to cost more than 500k in NYC. So half or more of your fare are going to some guy that bought the medallion years ago (or some investors actually), and just rents the privilege for other drivers to drive, it doesn't go the driver's pay, or propper car maintenance, etc... That is pure rent seeking via "regulation", and Uber and Lyft are cutting through it. (and I am glad they are doing it).