Taxi monopolists upset taxi monopoly is ending


In major cities throughout the United States, taxi medallion prices are tumbling as taxis face competition from car-service apps like Uber and Lyft.

The average price of an individual New York City taxi medallion fell to $872,000 in October, down 17 percent from a peak reached in the spring of 2013, according to an analysis of sales data.

Awwww....

Most major American cities have long used a system to limit the number of operating taxicabs, typically a medallion system: Drivers must own or rent a medallion to operate a taxi, and the city issues a fixed number of them.

In other words, they had a government provided monopoly.

“I’m already at peace with the idea that I’m going to go bankrupt,” said Larry Ionescu, who owns 98 Chicago taxi medallions. That might be overly dramatic; after all, Mr. Ionescu also compared Chicago’s pro-Uber mayor, Rahm Emanuel, to Nicolae Ceausescu, the reviled ex-dictator of his native Romania. It’s likely Mr. Ionescu remains a very rich man. In November, Chicago medallion sale prices averaged $298,000,

Awww... this monopolist about to go bankrupt is only worth roughly $30 million dollars (98 medallions times $300,000). Let's have the government give him another monopoly to compensate him!

But it’s easy to see why he’s worried about the medium term: A seven-mile ride from the Loop to the University of Chicago in a medallion taxi costs about $26, including tip. The same trip cost $12.29 this April with UberX, the lowest-cost service option from Uber.

It's called the Free Market. It's called lowering prices and providing more products and choices to people.

It is not happening because of the government, it is happening despite the g

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