Cab medallion prices continue to rise
Posted by taxpayer on May 5, 2008
Fifteen months ago, I noted that Chicago taxi medallions were selling for about $77,000. Now, per the May ‘08 issue of Chicago Dispatcher, the median price increased in April (based on data thru April 22) to $125,000. That’s a 62% increase in 14 months– with no increase in fares (altho a gas surcharge which was allowed subsequently doubtless was anticipated).
Of course the medallion owners, as such, contribute nothing to the provision of transportation, but they do impose a cost on passengers and/or drivers. Limiting the number of cabs doesn’t increase the earnings of drivers.
