It's times like this that I'm really jealous of the foresight of the likes of Norway.
Norway as we know has massive oil reserves. Most other countries (I come from Australia where digging stuff up from the ground and selling it Asia is in our DNA apparently) would for a small cut make some small number of companies and the individuals who control them mind-bogglingly wealthy. Norway, on the other hand, created a state majority owned company and taxed it highly, largely for the benefit of its citizens.
In this case, NYC created the taxi medallion system ~80 years ago to limit the number of cabs on the road. This made sense at the time but why sell off the right to drive that taxi essentially in perpetuity? It makes no sense.
Why not instead have an annual auction based on how many taxis you want on the road where whoever pays you the most gets allotted a license? The city would get income in perpetuity and financial fuckery like from this post just couldn't really happen. Hell you could even have a spot market for your license (for the remainder of the year) to allow people to get out from under it.
But no, instead we have human vultures preying on the uninformed and desperate. Another win for capitalism.
Norway as we know has massive oil reserves. Most other countries (I come from Australia where digging stuff up from the ground and selling it Asia is in our DNA apparently) would for a small cut make some small number of companies and the individuals who control them mind-bogglingly wealthy. Norway, on the other hand, created a state majority owned company and taxed it highly, largely for the benefit of its citizens.
In this case, NYC created the taxi medallion system ~80 years ago to limit the number of cabs on the road. This made sense at the time but why sell off the right to drive that taxi essentially in perpetuity? It makes no sense.
Why not instead have an annual auction based on how many taxis you want on the road where whoever pays you the most gets allotted a license? The city would get income in perpetuity and financial fuckery like from this post just couldn't really happen. Hell you could even have a spot market for your license (for the remainder of the year) to allow people to get out from under it.
But no, instead we have human vultures preying on the uninformed and desperate. Another win for capitalism.