A New York City taxi medallion sold for $241,000 (€ 227.500) last week — less than one-fifth of what the cab-ownership tags were going for just four years ago, writes the New York Post.
The sale, which was approved by the Taxi and Limousine Commission and went through Friday, represents a low-water mark in the 21st century taxi medallion value, which has been diminishing ever since ride-share app companies, such as Uber and Lyft, entered the scene a few years ago.
In 2013, some medallions sold for more than $1.3 million.
Meanwhile, Medallion owners are fuming. “The problem is too many drivers chasing too few passengers, and the city abdicated it’s responsibility,” said medallion owner Carolyn Protz. There are currently 13,587 yellow-taxi medallions in the Big Apple — and more than 50,000 Uber and Lyft cars.
TLC officials declined to comment.
Read more: http://nypost.com/2017/04/05/taxi-medallions-reach-lowest-value-of-21st-century/
- New York Taxi Medallions reached the lowest value in the 21st century.