“The auction of those [2,000 new] medallions is expected to raise at least $1 billion for the city.”

December 21st, 2011

The plan may still face a legal challenge from the fleet owners of the yellow cab industry, a moneyed and influential group that bitterly opposed the bill, saying it would create too much competition for traditional taxis and devalue their medallions.


Update: Let’s do the math. 2,000 medallions. $1 billion in revenue. Discounting any transaction costs, that is $500,000 per medallion. Double ugh.