The reason for the high cost of NYC Taxi Medallions is because of politically induced artificial scarcity of limiting Taxi Medallions (Microeconomics term is "r

The reason for the high cost of NYC Taxi Medallions is because of politically induced artificial scarcity of limiting Taxi Medallions (Microeconomics term is "rent seeking"). Rent seeking is a form of market inefficiency that causes people to pay more of their income for taxis which means less spending on other things. I welcome anything that rids us of "rent seeking" and helps with market efficiencies.