NYC Taxis

Dreamstime

Depreciated Yellow Taxi Medallions To Go Up For Auction

June 10, 2018 - 6:46 pm
Categories: 

NEW YORK (WCBS 880) -- The value of a yellow taxi medallion in New York City has taken a plunge in recent years.

This week, more than 100 medallions will be auctioned in Queens, as WCBS 880’s Mack Rosenberg reported.

Yellow taxis have been a symbol of New York City for decades, but the industry now faces straining financial hardships.

“They’re going through what our country went through during the Great Depression,” said Fernando Mateo of the New York Federation of Taxi Drivers.

Mateo said the reason is not only Uber and Lyft.

“Uber could have existed with Lyft and yellow medallions without a problem,” he said, “but once you introduce a green taxicab to pick up street hails and compete with the yellow cabs, you’re basically killing them.”

He said the solution is for politicians to listen and follow advice from people behind the wheel.

A total of 139 medallions will be offered this week. The average price, Mateo said, has dropped from over $1 million to $150,000 if you’re lucky.