I don't actually know what a taxi medallion is. I mean ok I just googled it and it says it's a permit, but I don't understand it when used in analogies. I guess I don't really understand permits very well either
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The total value of all medallions and assets related to them had a value of $16.6 billion in New York City in 2013
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In that year, a taxi medallion cost over $1,000,000. Then came Uber and Lyft and so on and now it's worth somewhere under $200,000. Did... taxi drivers buy them themselves? How could they have afforded them? Did they take out loans? Did they work for the guy who owned them...?pic.twitter.com/0XhqarbDX4
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yiiikes https://www.wired.com/story/why-are-new-york-taxi-drivers-committing-suicide/ …pic.twitter.com/g6YmyxrTgY
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there are multiple places described as cab graveyards Brooklyn Moscow Chongqing not sure if they're all a consequence of ride-sharingpic.twitter.com/BIa1NGvfsH
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oooh, you can literally see the market online people are trying to sell for $185k–$210k. "Lucky number", "has been good to us and served our family well" buyers are like "I'll give you $100k–$125k cash"pic.twitter.com/PwkPsdZHWT
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Replying to @visakanv
Taxi drivers lobbied NYC to outlaw cabs without medallions and only create a set number in order to increase prices without having to improve service and then got fucked as they should have when Uber and Lyft came along.
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not necessarily the same set of people tho incumbents probably made out like bandits of course but the market is generally incredibly shady someone did a paper on judgment proofing there eight years ago or so, very dark
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