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I thought taxi companies owned the medallions -- hoarding them like gold coins -- and charged the driver what amounted to a "rental fee" for using them. IIRC it
by Domenic_S 9y ago
I thought taxi companies owned the medallions -- hoarding them like gold coins -- and charged the driver what amounted to a "rental fee" for using them. IIRC it's unusual for a single driver to own their own medallion.
I could be misremembering though.
- lambda 9y agoIn many cities there would be a mix. Some drivers would rent them from companies, some would own the medallion themselves.
- lazerpants 9y agoYou're both right. As the medallions increased astronomically in price, only larger groups of drivers or companies could afford to participate.
- noxToken 9y agoBasically. From Wikipedia[0]: > Over the years, many medallions once owned by individual drivers were sold to large taxi fleets. As of 2012, about 18% of all taxis were owner operated, while the rest were leased; this is a decline from the 29% ownership rate in 2006. [0]: https://en.wikipedia.org/wiki/Taxicabs_of_New_York_City#Logistics https://en.wikipedia.org/wiki/Taxicabs_of_New_York_City#Logi...