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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.
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?
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[–] 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
[–] tilken31 [S] 0 points 3 points 3 points (+3|-0) ago
Though, if you bought your Medallion back in 2013, you have now lost 300K of your investment...
[–] Zodi ago
Yeah but the reason why they were so expensive before was so you had to work through a company, rather than be your own boss.
[–] devotedtoneurosis ago
And face a more competitive market.
[–] 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.
[–] jeegte12 ago
he did say "almost"
[–] 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.
Episode 643: The Taxi King
[–] 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?
[–] barrinmw 0 points 1 point 1 point (+1|-0) ago
I am conflicted, I don't like Uber as a company, and I don't like Taxis either...hmmm....
[–] jaceame 0 points 1 point 1 point (+1|-0) ago
and thus continues the great giant douche turd sandwich debate.
[–] tilken31 [S] 1 point -1 points 0 points (+0|-1) ago
YESSS!
[–] Gone_Private ago
Has anyone seen one of these medallions? Do they turn your car yellow?