Re:End of the line for Uber?
by woodruffw on Tuesday August 10, 2021 @05:51PM
(#28135129)
> I'm not sure how it squares with taxi medallions being the highest-performing investment of the 20th century
Taxi medallions are an artifact of how NYC regulated its taxi fleet; other places may have had them but the investment factoid probably comes from NYC. Joe’s Cab in Peoria, IL probably doesn’t have a medallion worth $1 million to borrow against. And, of course, note: not all cabbies owned (or currently own) the medallions they drive under: many lease them or drive for a company that owns them, and has sat on them as a speculative asset for decades.
Source: went to school in NYC with plenty of cabbies’ kids. It’s not a job many people eagerly take.
Taxi medallions are an artifact of how NYC regulated its taxi fleet; other places may have had them but the investment factoid probably comes from NYC. Joe’s Cab in Peoria, IL probably doesn’t have a medallion worth $1 million to borrow against. And, of course, note: not all cabbies owned (or currently own) the medallions they drive under: many lease them or drive for a company that owns them, and has sat on them as a speculative asset for decades.
Source: went to school in NYC with plenty of cabbies’ kids. It’s not a job many people eagerly take.