One question no one explains is since the value of a medallion is obviously lower now why doesn't the commission have some kind our revaluation and give back money to the people who purchased it at a higher price.
Banks were bailed out, the US government buying debt $1 for $1 (instead of for cents on the dollar like they should have). They could have, instead of bailing out the banks, forced those banks to sell debt (their mortgages) back to consumers at fractions of a dollar. Most people struggled and fought to get basic loan adjustments. The smart ones walked away from their houses.
The reality is, yes the State needs to step in and adjust the medallion prices and cut the independent owners a break. But only a fraction are owned by individuals. Most are owned by the big companies, which many would argue shouldn't get a break.
Plus it's not like the city of NY has a lot of money to even suggest this. They can't even keep transit funded enough to maintain MTA and keep Penn Station from falling apart.