Besides it should be fairly obvious that with taxis supply is never going to match demand because sometimes an utterly absurd number of people need taxis, often at the same time in the same place where the streets are already full of people and vehicles. It becomes literally impossible to move, say at a large sporting event.
[Taxi] plate holders included an airline pilot, a dentist, investors who lived in Florida and Israel, and estates that had inherited the licenses after the holder died. The problems created by the plate system were mind-boggling. At least 30 per cent of the industryâ(TM)s revenues went to people who did nothing but milk income from their licenses.
What's quite funny is that is probably a lot less than goes to income milkers in other industries.