Monday, March 18, 2013

NYC Taxi Medallions Sell for $1.1 Million

More regulation madness. In New York City, Taxi prices are so out of line with what free market rates would be that corporations are now willing to pay over $1 million to own a taxi and collect the fares, which is what the ownership of a medallion allows.

In a free market, even allowing for registration with the NYC Taxi and Limousine Commission, the cost would be the registration fee ($100?) and that would be it.

Below is the NYC Taxi and Limousine Commission report for February, which shows 4 corporate taxi medallions were sold for $1,000,000 and 2 sold for $1,100,000.

at 10:04:00 AM

3 comments:

  1. UnknownMarch 18, 2013 at 12:38 PM

    ....but GOVERNMENT IS FOR THE PEOPLE, at-least that is what the Democrats tell me.

    ReplyDelete
  2. AnonymousMarch 18, 2013 at 2:19 PM

    If you listen to this NPR podcast between 5:00 and 6:00, they specifically mention "the Bernanke effect" (low interest rates) as one of the causes for inflated medallion price: http://www.npr.org/blogs/money/2011/11/29/142866785/the-tuesday-podcast-why-does-a-taxi-medallion-cost-1-million

    ReplyDelete
  3. UnknownApril 8, 2013 at 4:22 PM

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    ReplyDelete

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