If you look at like purely a financial instrument, yes. Maybe not if you look at it like a social contract between the city administration and its populace. The

If you look at like purely a financial instrument, yes. Maybe not if you look at it like a social contract between the city administration and its populace. The aim - keep the taxi situation OK. When that medallion system started to fail, I don't think it's unreasonable for the city technocrats and or politicians to take a step back and say to themselves - OK, this is clearly not working like it used to. How can we scale back without disrupting and hurting too much those, who were partners in this (now failing) implementation of taxi regulation?