Six or seven years ago, NYC taxi medallions peaked at around $1 million on average. About a month ago, three medallions sold for an average of $137,000 each, while another thirteen medallions had no bidders.
Also it is important to point out that NYC, like many major cities, had HUGE beds of corruption and monopolization within the cab industries. They were horrible, unfair, and the cars were dirty and the drivers rude. Owners and dispatchers favored a very few people for the best rides, while everyone else struggled for peanuts. Arguments about Lyft and Uber aside, this needed to happen. I have spoken to countless cabbies over the years and they were all working too hard for too little pay. At least Uber and Lyft somewhat leveled the playing field for everyone. Fuck the medallions.
I find it interesting that total rides appears to be much higher. Uber is higher than the taxi peak and lyft and cabs are still significant. Seems like ride sharing is actually driving cab rides as well as taking cab business. It’s clear they are creating some value there.
![image showing How Uber & Lyft Crushed the New York Yellow Cab [OC].](94429ef7-24bb-5cab-aa10-808b48debc0f.jpg)
plaidtattoos on August 18th, 2019 at 12:50 UTC »
Six or seven years ago, NYC taxi medallions peaked at around $1 million on average. About a month ago, three medallions sold for an average of $137,000 each, while another thirteen medallions had no bidders.
kneel23 on August 18th, 2019 at 13:02 UTC »
Also it is important to point out that NYC, like many major cities, had HUGE beds of corruption and monopolization within the cab industries. They were horrible, unfair, and the cars were dirty and the drivers rude. Owners and dispatchers favored a very few people for the best rides, while everyone else struggled for peanuts. Arguments about Lyft and Uber aside, this needed to happen. I have spoken to countless cabbies over the years and they were all working too hard for too little pay. At least Uber and Lyft somewhat leveled the playing field for everyone. Fuck the medallions.
spidereater on August 18th, 2019 at 13:18 UTC »
I find it interesting that total rides appears to be much higher. Uber is higher than the taxi peak and lyft and cabs are still significant. Seems like ride sharing is actually driving cab rides as well as taking cab business. It’s clear they are creating some value there.