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Submission + - Taxi Medallion Prices Plummet Under Pressure From Uber

HughPickens.com writes: Most major American cities have long used a system to limit the number of operating taxicabs, typically a medallion system: Drivers must own or rent a medallion to operate a taxi, and the city issues a fixed number of them. Now Josh Barro reports at the NYT that in major cities throughout the United States, taxi medallion prices are tumbling as taxis face competition from car-service apps like Uber and Lyft. The average price of an individual New York City taxi medallion fell to $872,000 in October, down 17 percent from a peak reached in the spring of 2013, according to an analysis of sales data. "I’m already at peace with the idea that I’m going to go bankrupt,” said Larry Ionescu, who owns 98 Chicago taxi medallions. As recently as April, Boston taxi medallions were selling for $700,000. The last sale, in October, was for $561,000. “Right now Uber has a strong presence here in Boston, and that’s having a dramatic impact on the taxi industry and the medallion values,” says Donna Blythe-Shaw, a spokeswoman for the Boston Taxi Drivers’ Association. “We hear that there’s a couple of medallion owners that have offered to sell at 425 and nobody’s touched them."

The current structure of the American taxi industry began in New York City when “taxi medallions” were introduced in the 1930s. Taxis were extremely popular in the city, and the government realized they needed to make sure drivers weren’t psychopaths luring victims into their cars. So, New York City required cabbies to apply for a taxi medallion license. Given the technology available in the 1930s, It was a reasonable solution to the taxi safety problem, and other cities soon followed suit. But their scarcity has made taxi medallions the best investment in America for years. Where they exist, taxi medallions have outperformed even the Standard & Poor’s 500-stock index. In Chicago, their value has doubled since 2009. The medallion stakeholders are many and deep pockets run this market. The system in Chicago and elsewhere is dominated by large investors who rely on brokers to sell medallions, specialty banks to finance them and middle men to manage and lease them to drivers who own nothing at all. Together, they’re fighting to protect an asset that was worth about $2.4 billion in Chicago last year. “The medallion owners seem to be of the opinion that they are entitled to indefinite appreciation of their asset,” says Corey Owens, Uber’s head of global public policy.. “The taxi medallion in the U.S. was the best investment you could have made in the last 30 years. Will it go up forever? No. And if they expected that it would, that was their mistake.”

Comment Re:Need automatic "loser pays" in jurisprudence (Score 1) 219

Loser pays is dangerous in civil suits where a small entity sues a large entity. Even the most meritorious case can be lost.

In criminal cases, the prosecutor's office should be on the hook when the defendant isn't found guilty. Not just for legal fees, but for restitution for time spent incarcerated, loss of employment (if that happens), other consequential damages (eviction, missed payments, etc) and publicity to make it well known the defendant was not guilty.

Comment Re:I wish them good luck. (Score 1) 647

Uselessd addresses not only the packaging but the excessively tight coupling of components.

The fact that a small team could make such substantial changes shows that it really is a lack of maturity in the design/implementation of systemd.

Comment Forking is good, whiny bitches (Score -1, Flamebait) 647

On the one hand, forking is what drives Free Software. It allows us to innovate, adapt software to new needs, etc. Without it, the FOSS community would not be as strong as it is.

On the other hand, Debian's board took a vote, and the anti-systemd people lost. Democracy happened. Democracy is good. Those people who created this fork are a bunch of malcontents that are whining because they didn't get their way. This isn't a "downstream branch" like Ubuntu, which strengthens the community by sending patches upstream. This is breaking up of a strong community, and it's now going to be inherently weaker.

Comment Re:Go back in time 5 years (Score 1) 581

The complaint by the anti-systemd crowd is that the systemd crowd is actively promoting things becoming dependent on systemd. It's not that they can't maintain a systemd free distro, it's just that nobody wants to spend all of their time undoing the work of the village idiot. You must have missed the articles about organizing a Debian fork. Or the whole uselessd thing. If systemd would just keep their fingers out of everyone else's pie, nobody would much care what they do or don't do.

I have fixed the btrfs/systemd problem. I gave systemd the boot and now the VM just works.

It is actually kinda funny to me after hearing all the systemd can do anything! systemd is great, all hail systemd cheerleading not to mention the excessive delight of some of the fans that people might have problems avoiding it and then a really simple problem comes up and literally the whole community is stumped. Not just a little stumped, they actually have no idea how to handle the situation even in principle. Meanwhile, going back to sysvinit fixed it right up.

Comment Re:Go back in time 5 years (Score 1) 581

I have validated a systemd-less solution that should be good for a few years at least.

I already indicated I would simply not use systemd, I don't know why you keep telling me to do what I have indicated I am already doing.

I don't suppose you could toss me one of those links you found where the problem is actually solved, could you? I do like keeping options open...

Comment Home grown is the best (Score 3, Interesting) 189

My sister used to raise her own turkeys. Up close they looked like something from a paleontology textbook, but they were still good-natured, very curious creatures. They would always come up to you and inspect you, talking all the time. Maybe they were just demanding food. Dunno.

They ate good stuff, they had a big enough pen that they could run around to their heart's content, they were basically happy turkeys. And it showed: they had a wonderful flavour and a nice texture.

...laura

Comment Re: Storage (Score 3, Insightful) 516

That's because they don't properly trim trees, they hack off whatever might be near the lines. If they would actually trim the trees so they don't look like the crippled survivors of a war, people wouldn't gripe.

There are a couple trees near me that they 'trimmed' such that they will almost inevitably fall over onto the road sooner or later. That's what happens when you cut all the branches off of one side. It's a classic "somebody else's problem now" sort of 'solution'

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