how much does a new york cab medallion cost
Taxicabs of New York City The medallion system was created in 1937 as a government imposed limitation on the supply of taxicabs, requiring that a "medallion" be purchased for the right to operate a taxi. Thereafter, New York did not sell any medallions until 1996, when it auctioned slightly more than 2,000. The lack of new medallions resulted in such a shortage that by 2014 they were selling for more than $1 million each, with about 14,000 medallions in existence. Since then, the increase in rideshare vehicles, which numbered about 63,000 in 2015 and 100,000 by August 2018, has drastically reduced the market price of medallions.[1][2][3][4]