Question: how much does a new york taxi medallion cost

title: Taxicabs of New York City
text: Starting in 2011 , medallion prices dropped considerably likely due to competition from ride - share services . As of October 2016 , medallion prices had dropped to around $500,000 in value , with one medallion dropping to $250,000 . There was also a decrease in taxi usage : in November 2016 , there were 336,737 daily trips that netted $4.98 million , a decrease from the 463,701 daily trips netting $5.17 million in November 2010 . However , in mid-2016 , after a five - year decline , taxi usage began to increase again . Due to this competition , medallion owners sued the city and Uber in November 2015 . By 2017 , the 60,000 ride share vehicles in New York City outnumbered the city 's medallion vehicles at a ratio of almost 4 to 1 , and many medallion owners faced the prospect of bankruptcy or severe debt because of the low medallion prices , which few entities were willing to buy . Medallion holders had trouble making payments on the loans that they borrowed to pay for the medallions . 

Answer: answer: As of October 2016 , medallion prices had dropped to around $500,000 in value , with one medallion dropping to $250,000 .  However , in mid-2016 , after a five - year decline , taxi usage began to increase again .
answer: As of October 2016, medallion prices had dropped to around $500,000 in value, with one medallion dropping to $250,000. However, in mid-2016, after a five year decline, taxi usage began to increase again.