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No, a taxi medallion could be rented out to drivers. For example, for a period Michael Cohen owned 34 NYC medallions.
by icebraining 7y ago
No, a taxi medallion could be rented out to drivers. For example, for a period Michael Cohen owned 34 NYC medallions.
- klipt 7y agoRight, but the reason it has value is that it's tied to a high paying job where the supply of labor is limited. (Which is why, as soon as Uber flooded the labor side, the value of taxi medallions plummeted.) If longshoremen were allowed to buy and sell their union memberships (say in the form of "union member medallions") they'd probably have similar value to taxi medallions.
- erik_seaberg 7y agoYou can’t make a loyal mafia out of just anyone who shows up.