The other day I was contemplating an interesting trend: The massive increase in New York medallion prices. Medallions are the licenses needed to operate a taxi cab in New York (and other places).
The medallion prices put on a particularly massive performance in New York. This is how they went: From $180000 for an individual medallion in 2001 year-end, prices rose all the way to $1.05 million in June 2013, where they have since stagnated somewhat (Source: NYC Taxi & Limousine Commission). This massive increase was mostly the result of fixed supply (there are only 13347 medallions), and medallion cabs are - by law - the only car services allowed to pick up passengers hailing...
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