Cab medallion prices continue to rise

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.

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