New York taxi medallions that are
tightly regulated by the city and allow yellow cabs to legally
pick up fares on the streets have drastically come down in value
during the past three years. The tags sunk from about $1.05
million in 2014 to $241,000 for one sold during March 2017. The
main cause is rivals Uber, Lyft, Via, and Gett.
Also, during March, Philadelphia Parking Authority, which
regulates the city's taxi industry, sold new medallions for
$80,000 falling from last year with an initial asking price of
$475,000, but received no bids. The value of taxi medallions in
other cities, such as Boston and Chicago have also fallen
sharply.