They didn't have any intrinsic value, plus municipalities and some large institutional investors were the only people you could sell a medallion to (other than

They didn't have any intrinsic value, plus municipalities and some large institutional investors were the only people you could sell a medallion to (other than taxi drivers/owners). On the other hand, Uber drivers can find any buyer for their used cars (which have, in fact, gone up in value since the pandemic began).