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They were "free", but they've always been supplied lower than demand (that is, the number of permits grew slower than the population's need for taxis did), an a

They were "free", but they've always been supplied lower than demand (that is, the number of permits grew slower than the population's need for taxis did), an arrangement that worked well for cab drivers since it allowed less competition, and a profitable secondary market for the medallions. Lyft/Uber/etc gutted that demand. Not saying 'good' or 'bad', just, you can't blame the city for the price of the medallion; it already had a high one due to the demand outstripping the supply. Makes sense that the government would seek to profit when it supplies them, given that.

thereisnospork 6y ago
>Not saying 'good' or 'bad', just, you can't blame the city for the price of the medallion; it already had a high one due to the demand outstripping the supply. Makes sense that the government would seek to profit when it supplies them, given that. I can certainly blame the city for letting the demand exceed the supply. Irrespective of 22 Uber et all was a well deserved comeuppance for the taxi industry.