What is a New York City Taxicab Medallion?
The New York City taxicab industry was historically highly regulated – the most important regulation being a restriction on the number of taxicabs allowed to operate in the city. In order to legally operate a taxicab in New York City, the cab was required to own and display a taxicab medallion. There are 13,587 such medallions in circulation. Medallions can be bought, sold, mortgaged, and inherited, just like any item of property. Just prior to the boom in ride sharing apps and legislation relaxing the ability of cars to pick up passengers in the outer boroughs, the price of medallions exceeded $1 million.