I think you got it. Pay a million dollars for a medallion, and then have the right to sit at Times Square or JFK and charge people $50 to drive them for 20 or s

I think you got it. Pay a million dollars for a medallion, and then have the right to sit at Times Square or JFK and charge people $50 to drive them for 20 or so minute. The cabs are independent LLCs, so they're on their own for health insurance, 401k, etc. Mostly driven by immigrants, I think being a cabbie can be a tough job.