That’s how much New York City taxicab medallions are selling for:
On Thursday, at the city’s first medallion auction in over five years, the largest bid for a “mini-fleet” of two medallions exceeded $2.5 million, by far the highest ever recorded. At the last auction, in 2008, the high bid on a similar package was a little over $1.3 million. In 2004, the offer fetched less than $350,000.
While the auction on Thursday focused on pairs of “corporate medallions,” for cabs that do not have to be driven by their owners, individual medallions have also attracted ballooning sums. Today, the average market price is more than $1 million. In November 2008, it was less than $550,000.
Immigrants hardest hit. At least, that’s how the NYT spins the story.
Not discussed anywhere in the article: eliminating medallions and allowing individuals to make their own deals with drivers. (Or, if that’s too libertarian for you, eliminating medallions and replacing them with an objective set of standards: say, provide proof of liability insurance and require an annual vehicle inspection in return for the right to pick up passengers for money.)
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