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Limiting medallions creates market inefficiencies which is no good to anyone except the medallion owners. With $1 million medallions drivers have to pay a sign
by davidf18 11y ago
Limiting medallions creates market inefficiencies which is no good to anyone except the medallion owners. With $1 million medallions drivers have to pay a significant portion of their gross receipts for renting the artificially expensive taxi.
One taxi driver claims to gross $250-$300 for a 12 hour shift, but he pays $150 of that to lease the taxi (with medallion).
http://www.yellowcabnyctaxi.com/nyc-taxi/shift-life-cab-driver http://www.yellowcabnyctaxi.com/nyc-taxi/shift-life-cab-driv...
Thus, about half of our fares plus tips go to paying for the taxi with medallion, before paying for gas.
- Trombone12 11y agoThe story opens with retelling the reasons the medallion system was created... it's probably not a good idea to completely ignore the historical events: "There were too many drivers going after too few passengers — fares were slashed, tensions between fleets escalated, violence erupted"
- davidf18 11y agoWell, a person born on the day in 1937 when the limit was put in effect would have been retired at age 65 13 years ago (age 78). As the economy improved, e.g., post WW II in 1945, 70 years ago, this limit should have been revisited. All this limit has served to do is to make taxis in NYC far more expensive than they should be (in Manhattan not many own cars) and taxi drivers making far less money than they should be.
- Trombone12 11y agoIf you meant to say that the limits should be revised, may I suggest using wording that actually carries that meaning? I find it hard to see an argument about revising limits in the statement: "limiting medallions creates market inefficiencies which is no good to anyone"