> NYC taxi medallion prices have grown by 29% annually over 30 years. I agree that NYC has not increased the number of medallions in a manner commensurate with

> NYC taxi medallion prices have grown by 29% annually over 30 years. I agree that NYC has not increased the number of medallions in a manner commensurate with its growth since 1970. But this is like referring to the sale prices of commercial condos - you don't need to own a storefront in order to have a retail store (most business owners don't). Likewise, you don't need to own a medallion, just have access to one (ie, rent it, which is what most taxi drivers in NYC do).