Taxi drivers have never been a fan of the medallion system. That system was cooked up by city regulators and medallion owners not drivers. Specifically, cities created a medallion system which limited the supply of drivers, thereby protecting cab rates and ensuring medallion owners get rich. This led to companies that hoard medallions and charge exorbitant leasing fees to taxi drivers, making them inclined to drive unsafely and not take credit cards because they were always in debt the day they started work. Essentially the system was a racket between medallion owners and the city that short changes citizens AND drivers.

https://www.heritage.org/transportation/report/taxicab-medal...