Photo: Yellow Cab NYC
Calling all New Yorkers! The price of a NYC Taxi medallion, the notorious little badge found in every cab, is now worth $1 million. The price of these babies has risen faster than that of both gold and oil in the last 30 years. Who thought these symbols of our city would ever be so precious?
Just to give you an idea of how things have changed: the first medallions ever made cost $10 and that was in 1937 (equal to $157.50 by today’s standards). That’s a whopping 1,900 percent increase over the last 3 decades! This means big things for the city’s economy, luxury market and, of course, our beloved taxis.