> The price of a taxi medallion, which is required to operate a taxi in New York, has plunged from more than $1 million to less than $200,000. Clearly, a cap o

> The price of a taxi medallion, which is required to operate a taxi in New York, has plunged from more than $1 million to less than $200,000. Clearly, a cap on ride hailing licenses can only mean that the already licensed drivers stand to gain a similar amount by pimping their license to various competing services until they get the best deal. It's simple economics, assuming taxis and Ubers are comparable to the average consumer.