Why taxi medallions cost $1 million
Interesting piece of taxi-nomics. I also couldn’t agree more that taxis should not be deregulated. You want to be able to hail a cab, know that the driver is licensed, insured, that there’s a mechanism for dealing with complaints, and that you will be charged a fair rate. This is indispensable for out of town travellers. The locals, then, can take their pick from limousine services and minicabs if they think it’ll save them a few bucks going to the airport.
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