You make a good point about the lousy value now in NY City over the stupid taxi-medallions. In 2005, before Uber, the medallion was in the range of $350,000 for each single one. Five years later, they were nearing $600,000 each.
Now? $120,000 to $150,000. I doubt if any bank would go and give you a 5-million dollar loan based on your ownership of sixty of these. I could see them sinking below $50,000 in the next decade.
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Taxi medallions are a beautiful example of there free market destroying a government rigged market. The government limited the number of medallions no doubt as political payoff to the large cab companies. They deliberately constrained the number of cabs below what the market needed artificially driving up demand for medallions along with the cost to then bid on a medallion.
Then along game Uber doing a compete end-run around the rigged system and overnight the medallions achieve their actual market value of zero dollars instead of a rigged value.
On a side note most taxicab drivers have demeanors and attitudes like a dehydrated snail. Ubers are much more friendly for the most part.