how much does a new york taxi medallion cost
Taxicabs of New York City Starting in 2011, medallion prices dropped considerably likely due to competition from ride-share services.[92] As of October 2016[update], medallion prices had dropped to around $500,000 in value, with one medallion dropping to $250,000.[105] There was also a decrease in taxi usage: in November 2016, there were 336,737 daily trips that netted $4.98 million, a decrease from the 463,701 daily trips netting $5.17 million in November 2010.[106][107] However, in mid-2016, after a five-year decline, taxi usage began to increase again.[93] Due to this competition, medallion owners sued the city and Uber in November 2015.[108] By 2017, the 60,000 ride share vehicles in New York City outnumbered the city's medallion vehicles at a ratio of almost 4 to 1,[106] and many medallion owners faced the prospect of bankruptcy or severe debt because of the low medallion prices, which few entities were willing to buy.[92][109] Medallion holders had trouble making payments on the loans that they borrowed to pay for the medallions.[109]