Well, all things being equal, the high medallion cost is a valuable security of sorts. That means that if you can earn enough by working it, to pay it off, as you do you accumulate equity in it that can be recovered later and added to income. Usually recovery = resale. But it could be something like refinancing etc. I don't know, but as the prices go higher, they could become a target for "interest only" loans, where only financial insbreastutions would be able to own the medallions. The high price of medallions only means that it takes a bigger down payment to own one, thus a bigger mortgage. Of course, when the price gets so high that the mortgage payments can't be met out of work revenue, then there will be no operators and medallions, being worthless from the stand point of earnings and payments, would fall in value. Dillution, issuing more medallions reduces the price. But the more meddallions are financed, and become secruitized, the harder it will be for the city to issue more. Because the financial insbreastutions will join in the fight to protect their collateral. In short, it's a very dangerous game, since financial insbreastutions would want to buy any new medallions issued, to keep them off the market, thus preserving the value of the ones they already hold. But as you can see, the city could then simply "rape" them, by issuing easy to sell medallions, rather than sell tax backed bonds, whenever they needed cash. Raising the fares increases the value of medallions, so they're likely to play games with value for quite sometime. Eventually it's going to be the drivers and driver owners who get squeezed out. Or, if the consumer "fights back", then it's "game over" for all. So that's what needs to be inspected carefully to determine where prices might go. Obwon 0ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ0 Liars share with those they deceive the desire not to be deceived. --Sissela Bok 0ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ0
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