NYC Taxi medallion prices update and a comment on the best laid plans of Michael Bloomberg (Fail!)

Updated Tuesday June 18, 2013
I was wrong in my judgement when I wrote this article originally. I urge you to consider the following facts before jumping into the medallion market:

Update Tuesday June 18, 2013.

New York Taxi medallion prices, Future of New York Taxi medallion prices.

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pre update, old and wrong analysis.


As you will see medallion prices are holding up well, which tells me that the lenders, those who finance these medallion purchases, and who include the Governor's father, and who opposed the Bloomberg plan tooth and nail are not fearing a return of Michael Bloomberg's wacky "sounds good to Mike" unstudied and unworkable taxi plan, which along with his equally un-thought out and so far not functioning bike share plan  had me and I don't know how many others in suicidal ideationland.

You'll notice the very small turnover in medallions. Folks just won't give them up!

Average Medallion Prices and Transfers

Medallion Price Disclaimer The information contained herein is based on data collected by the TLC and should not be relied upon as an indication of future performance of medallion prices or the suitability of ownership of taxicab medallions for investment or business purposes. This data excludes information regarding transactions which the TLC believes were not conducted on an arms-length basis and this data does not include any consideration or analysis of the overall terms of any particular transaction and how such terms may have affected prices in any given instance. Accordingly, the data may be misleading and may not accurately convey trends in medallion prices, among other things. The TLC makes no representations or warranties regarding this data, the performance of medallion prices, or the suitability of medallion ownership for investment or business purposes. Please select from below: Average Medallion Price Time Line from January 1998 thru January 2006 (PDF) Medallion Transfers – January 2013 (PDF) NEW! Average Medallion Prices 2013 (PDF) NEW! Archived Medallion Prices & Transfers http://www.nyc.gov/html/tlc/downloads/pdf/avg_med_price_2013_january.pdf

http://www.capitalnewyork.com/article/politics/2011/11/4155606/andrew-cuomo-bloomberg-taxi-proposal-medallion-financial-and-backgr

For several months now, as Andrew Cuomo has held out against Michael Bloomberg's sweeping proposal to change the way taxis work in New York, his father Mario has played a small background role as a board member of Medallion Financial, one of the financiers of the yellow-taxi industry.

A spokesman for Andrew Cuomo said he didn't know whether or how often the former and current governors had discussed the taxi bill, which passed the legislature in June but has stalled for want of the governor's signature. But the spokesman reiterated what has been the position of the governor's office all along, which is that Mario Cuomo's financial arrangement with Medallion Financial, whose president and industry sector opposes the outer-borough taxi plan, doesn't matter, in terms of Andrew Cuomo's position.MORE

By Dana Rubinstein

November 15, 2011 1:35 pm

Well, it turns out that Andrew was smarter than the pundits thought!  He endorsed the "sounds good to Mike" plan with some revisions knowing that a judge would deep six it and that his father's firm was not going to allow this medallion sale to be financed! "Win/win" for Andrew Cuomo!