Gothamist
A non-profit newsroom, powered by WNYC.
Gothamist
Listen Live
News
Best Tip For Your Cabbie? Save Up & Buy A Taxi Medallion
By
Billy Parker
Published Oct 5, 2009
Modified Oct 5, 2009
Share
FacebookTwitterRedditEmail
Never miss a story
Email address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .
By
Billy Parker
Published Oct 5, 2009
Modified Oct 5, 2009
Share
FacebookTwitterRedditEmail
We rely on your support to make local news available to all
Make your contribution now and help Gothamist thrive in 2026. Donate today
Gothamist is funded by sponsors and member donations
While some New Yorkers have been cutting back on taxi fares during the recession, a new study shows the value of taxi medallion is stronger than ever. The value of an average medallion continues to climb in tougher times, with a medallion now being worth $760,000 a nearly 180% increase from where it was at less than a decade ago—outperforming every asset other than gold.
The city's taxis have actually seen a boost because of companies who have cut back on hiring town cars and instead are having their employees simply save receipts from yellow cab rides instead. There's also been a spike in business since cabs were required to take credit card (but don't tell that to angry drivers who don't like the swipe). When asked about the report, TLC chariman Matthew Daus sounded like he had a cocky swagger as he told Crain's, "Strong medallion values are just a natural dividend of a healthy industry.”
The strong medallion values also come from the limited number of medallions out there—capped under 14,000 for most of the last century. The report says that the economy has even further fueled the demand to try to lease a medallion with more unemployed workers turning to driving taxis. The last time medallions went up for auction—with the addition of wheelchair-accessible taxis in 2006—one buyer was able to scoop all 54 of them up for under five hundred grand. The good news of all this for officials in Albany is that they should be able to get in on this bounty shortly with the fifty cent taxi surcharge that helped balance the state budget going into effect by the end of the year.
Tagged
matthew daus
taxi
taxi medallion
tlc
town car
Billy Parker
Read more
Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
MORE news
Bronx couple starved their 3-year-old to death, indictment says
Their son was was also malnourished and hospitalized for a month, according to prosecutors.
By
Catalina Gonella
Published Oct 21, 2026 at 2:10 p.m. ET
Marble Hill protester accused of attacking federal agent faces assault charge
Prosecutors say a Bronx man grabbed and ripped the clothing of a Homeland Security Investigations employee.
By
Samantha Max
News
Marble Hill protester accused of attacking federal agent faces assault charge
Prosecutors say a Bronx man grabbed and ripped the clothing of a Homeland Security Investigations employee.
By
Samantha Max
NYC’s subsidized childcare waitlist is moving, starting with 3K families
By
Karen Yi
Elon Musk drops $500K on NY Rep. Mike Lawler's re-election bid
By
Jon Campbell
Early Addition: If you catch a mouse, there are meaner options than feeding it to a bird
By
James Ramsay
Never miss a story
Catch up on the most important headlines with a roundup of essential NYC stories, delivered to your inbox daily.
Sign upEmail address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .