A record price for a taxi license? You need no less than RM2million is needed for a taxi license in New York. That makes every taxi driver a millionaire in New York. Fact is in order to make that much and more, they need to make hundreds of thousands a year. Don’t they ever find time to sleep? Probably need to use the taxi for all three shifts.
Link to original source here.
NEW YORK (Reuters) – The price of a licence to operate a New York taxi cab hit a record $600,000 (303,000 pounds) in May, according to a lending company which financed the purchase.
Medallion Financial Corporation said it had financed the purchase of two medallions — the license to operate a yellow cab in New York — for a total of $1.2 million by a large corporate fleet operator.
“Prices of corporate medallions have increased from $195,000 in 2001 to the record $600,000 this week,” Andrew Murstein, president of the lending company, said in a statement on Tuesday. It said the previous record was about $550,000.
New York has around 13,000 yellow cabs. A typical $10 fare would cover a trip from the Empire State Building in Midtown Manhattan to the Financial District at the south of the island, assuming no time stuck in traffic and without a tip.
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they really can survive? I cant believe it ler