Still, if the government required you to buy a half-million dollar license, and then after you bought it, started letting other people operate for free, they have treated you unfairly. There should be some compensation.
This has been a kind of mafia thing, where medallions or licenses were limited specifically to eliminate competition. Its good to see this come to an end. The free market is a wonderful thing.
You don't buy the licence from the government, you buy it from another driver. There are losers and winner within the market itself.
The government probably only charges a few hundred bucks...then people start using the artificially constrained market to their advantage, and ‘flip’’ the medallion.
The last one holding the bag loses - think Florida housing bubble.