Archive for the ‘speculation’ Category

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Medallions up another 4% last month

April 30, 2009

Chicago Dispatcher reports the median sales price of Chicago taxi medallions was $165,000 during the month ending March 23, up from $158,000 the previous month (and $77,000 in February 2007).

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What Crash? Cab Medallions STILL rising

March 16, 2009

Not as fast as previously, but the latest report on Chicago taxi medallions, from Chicago Dispatcher’s March issue, calculates a median price of $158,000.  This compares to $155,000 two months earlier.  Given the declines in the price of most other privileges over the last several months, this is a surprise, but perhaps the medallion market is slow to react.  Or perhaps there are other factors which improve medallion owners’ incomes in an economic recession?

This issue features the headline “Medallions in Jeopardy,” which had me hoping that perhaps this major obstacle to self-employment would be abolished.  But no, the article is about a particular case, where City administrators decided to punish the heirs of a deceased medallion owner, for whatever reason, by revoking the medallion on a technicality.  Chicago Dispatcher’s publisher, George Lutfallah, who wrote the article, evidently sees the medallions as assets for (some) existing cab drivers and others, rather than a barrier to non-owners struggling for a job.

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The Parasite Protection Act

February 11, 2009

That’s one of the names Josh Vincent suggests for New Mexico’s SB333, which would reduce real estate taxes on vacant land and make up the shortfall by raising taxes on homeowners and everyone else who actually owns (or rents) land with a structure on it. I imagine some land speculators find themselves in financial difficulty, but they still have enough to influence a few legislators, and I guess this is intended to bail them out. Perhaps they just want to get legally what owners of Cook County vacant land get in practice.

Maybe I don’t know how to search, but I can’t find anything about this bill anywhere on the Internet.

I guess we could name it the “Housing Prevention Act.”