4 ms·

NYC policy is what allowed the medallions to be so artificially inflated in the first place. The city has less medallions today than in the pre-war times. Now t

• bogomipz 8y ago
  "NYC policy is what allowed the medallions to be so artificially inflated in the first place." You seem to be missing a bit of history. It sounds like you are unaware that the original call for regulation of the taxi industry was by the taxi drivers themselves. Yes, the passage of the Haas act in 1937. During the Depression there were far more drivers than there was demand for taxis. This resulted an abundance of "wildcat" cab drivers who were threatening the livelihood of legitimate taxi drivers.[1][2] >"Now that the market collapsed it's the moral thing to do not only to liberalize the medallion restrictions but repay those who were hurt the most." Lastly the overwhelming majority of medallions are leased out as part of "fleets." The people that have been "hurt" the most have been the drivers who are required to lease the cab for a 12 hour shift for $130 and are also responsible for paying the insurance and gas on top of it. This is basically a feudal system where medallion owners are lords and the actual taxi driver is a serf. [1] https://www.nytimes.com/1996/05/11/nyregion/medallion-limits-stem-from-the-30-s.html https://www.nytimes.com/1996/05/11/nyregion/medallion-limits... [2] http://www.nyc.gov/html/media/totweb/taxioftomorrow_history_regulationandprosperity.html http://www.nyc.gov/html/media/totweb/taxioftomorrow_history_...