NYC Taxi Medallions Approach $1 Million!!
The price of a New York City taxi medallion (the "priciest piece of aluminum in NYC") that allows a corporate owner to operate a single taxi in the Big Apple is approaching $1 million.
According to the New York City Taxi and Limousine Commission, four corporate taxi medallions sold in February at an average price of $950,000, setting a new all-time high record (see chart above). Twenty individual taxi medallions were sold in February at an average price of "only" $641,000, which also sets a new record high for that category.
See previous CD posts on taxi medallions and the NYC "taxi cartel" here and here.