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The rise and fall of the New York taxi

Blog | By James Fletcher | Jun 05, 2020


New York taxis are a complicated business. The city has gone through excess cabs in the Great Depression to a significant shortage in the crime-riddled 70s. So-called medallions (operating license per vehicle) were issued in the 30s to cap the total number of cabs at 11,787. It created a hugely inflated trading price in the region of $1m, meaning the licences passed from individuals to fleets. The advent of 60,000 Uber and Lyft app-based systems have decimated these values, and the politics remain highly contentious.