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NYC Taxi Medallions and Investment
By Admin | June 28, 2009
NYC taxi medallion is a transferable right given by the city to pick up passengers without some arrangement. The dollar value is steadily rising and may soon hit the “million” marks.
This right has for over 60 years remained at just 11,787, so what has led to this sudden sharp increase? It’s after Mayor Giuliani approved auctions selling four hundred medallions then another proposal by Mayor Bloomberg resulting to about 1000 new medallions at the beginning of 2009.
This means you pay about $600,000 for the individual and about $750,000 for the corporate medallion. This value has risen by almost 500% since the year 2000. Some people see this as a barrier to owning the rights but the rights are given a price valuation through an open market bidding process.
The NYC taxi driver income is surveyed and to be about $1000 for the night shift individual and slightly less than a thousand dollars for the day time drivers.
Topics: Finance, Investments | No Comments »