September 15, 2015
New York City taxis may be on their last fares. A NYC judge ruled that the 80-year old yellow cabs – regulated by medallions that can cost hundreds of thousands of dollars – must compete with ride-sharing, low-entry cost companies such as Uber and Lyft, or die. The judge wrote, “Any expectation that the medallion would function as a shield against the rapid technological advances of the modern world would not have been reasonable.”
Socionomists wrote in the May 2014 Elliott Wave Financial Forecast, “Medallion prices should fall back to levels not seen since the 1980s. Or maybe medallions will just go away.”
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