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Today's Lead: Soaring Prices For Taxi Medallions

by Chester Soria, Nov 15, 2013
 

taxi

Bids reached record levels in the first taxi medallion auction in over five years. The largest bid for a "mini-fleet" of two medallions blew past $2.5 million yesterday, the highest such bid on record. Single placards went for as much as $1.26 million, The Wall Street Journal reported. The city's taxi commissioner, David Yassky, told the newspaper that the prices demonstrated the health of the cab industry "and by extension the New York City economy." But, as The New York Times reported, the higher prices have made it more difficult for drivers to become owners — a long cherished dream of immigrant New Yorkers.

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Last Updated (Feb 05, 2014)