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There are reportedly about 14,000 medallions. At $1,000,000 a pop, it would not be too terrible to have a one-time buyout paid over several years as a compromis
by lr4444lr 9y ago
There are reportedly about 14,000 medallions. At $1,000,000 a pop, it would not be too terrible to have a one-time buyout paid over several years as a compromise to ending the system.
- mikepurvis 9y agoMaybe, but I can think of better ways to spend $14B.
- 345655433 9y agoShould we also give $1m to everyone who used to work in coalmining, steel puddling, and manufacture? Or is there something special about taxi drivers?
- Cthulhu_ 9y agoExcept that I'm sure there's been a lot of rich people investing into these things and generating artificial scarcity. It's not been the individual taxi drivers that owned these things for a long time; they're leased out for ridiculous amounts of money.
- lr4444lr 9y agoIt's a mix. Some wealthier enterprising people consolidated many, and others were cabbies who saved up and took out loans to finance a single medallion. Another way we might handle this is just to convince these people to cut their losses and default - the banks should have better weighed the risk of deregulation - and give the cabbies themselves reimbursement up to some fixed amount (under $10K) for the inconvenience of reregistering themselves with rideshares, or any livery cab companies.
- MrFantastic 9y agoPaid by whom? We only bail out bankers.