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>Not to mention that they broke the previous taxi companies' monopolies which used to have crazy prices

Define crazy prices for someone trying to provide for a family on a 40 hour week, working at unsociable hours.

It wasn’t the drivers making money under the old system. Those medallion loan payments weren’t cheap.

Rent seeking is the cause of the majority of price problems, be it land, medallions or other forms

I means it’s the government who gets paid the medallion fee. So is the government “rent seeking”?

Yeah, I never understood why the government wasn't one blamed for this insanity. Transferable licenses? Okay, selling company sure, but in any other case it should be returned to pool and reallocated for marginal fee(a few hundred at max).

I wonder how many other industries would provide reasonable rates if they had to buy a license to operate from someone else currently operating.

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