“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.”

http://www.chicagobusiness.com/article/20151124/NEWS10/151129923/chicago-struggles-to-auction-off-taxi-medallions

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