“Amid the rise of ride-booking services such as Uber, the city’s cab regulator has been unable to close out a sale of taxi medallions more than two years after first taking bids on them. Back then, the city insisted on minimum bids of $360,000 per medallion, creating the possibility of a windfall worth at least $18 million for the cash-strapped city. The failure to finish up the auction is another example of how ride-booking firms have upset assumptions about taxi medallions, which permit drivers to operate a licensed cab in the city. As consumers have shifted to Uber and Lyft, pricing for medallions has fallen and lenders that previously made loans into the market have fled it.”
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