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How are there so little medallions, yet so many idle taxis? And taxi drivers still making barely over minimum wage (if you subtract the living costs)? This the
by revelation 11y ago
How are there so little medallions, yet so many idle taxis? And taxi drivers still making barely over minimum wage (if you subtract the living costs)?
This theory that greedy property owners stifled medallion creation is certainly appealing but it doesn't seem supported by the facts at hand.
- mcintyre1994 11y agoCan you elaborate what you mean by subtracting living costs? Are you saying that after all necessary expenses they have slightly more than minimum wage left over? That seems like a wage that shouldn't be compared to just minimum wage, given that in many places (I don't know about new York) minimum wage is below what you'd consider a living wage that covers necessary expenses.
- maxerickson 11y agoPresumably the driver take home is calculated after they pay to rent or own a medallion. So if they have low pay that just indicates there are plenty of willing drivers to service the available medallions, it is harder to go from their wages to a conclusion about whether the number of medallions is appropriate.