[–] shinybedpan 0 points 2 points 2 points (+2|-0) ago
NPR Planet Money had a good episode on Gene Freidman aka The Taxi King of New York. He basically borrowed like crazy to buy as many medallions as he could. I don't know what percentage he holds but I believe he is the single largest owner of medallions. He has been hit hard by this and there is a pretty big chance his cab company will go under in the next 5 years.
[–] floormatt3 0 points 3 points 3 points (+3|-0) ago
This is almost better for taxi drivers, from what I understand. A cheaper medallion means less out of their own pockets to keep their big, yellow taxi
[–] tangerinepeeler 1 point 0 points 1 point (+1|-1) ago
I don't think it's better for them. Yes, it's cheaper, but they don't have the same amount of work they had before, meaning they earn less money.
[–] SirRoderickGlossop 0 points 1 point 1 point (+1|-0) ago
Can you imagine how bummed out you'd be if you'd scrimped and saved for years to get a medallion, then a year after you buy it the price drops through the floor?