Summary: given the current regulatory conditions, you don't need a medallion if you just take bookings and do not get hailed from the street. "Taking a booking" is interpreted more broadly each day, so it includes summoning via apps. The owner, Kim, estimates that giving up the hailed fares in return for not paying for medallion rentals, would let him make more money and outcompete Uber.

My comment: How long until someone converts a street hail into a booked ride by generating a record to make it look booked?