Apr 14, 2017

Taxi Medallion Value

New York taxi medallions that are tightly regulated by the city and allow yellow cabs to legally pick up fares on the streets have drastically come down in value during the past three years. The tags sunk from about $1.05 million in 2014 to $241,000 for one sold during March 2017. The main cause is rivals Uber, Lyft, Via, and Gett.

Also, during March, Philadelphia Parking Authority, which regulates the city's taxi industry, sold new medallions for $80,000  falling from last year with an initial asking price of $475,000, but received no bids. The value of taxi medallions in other cities, such as Boston and Chicago have also fallen sharply.