news and facts on taxi medallions in Chicago. Taxi drivers freaking out, because the medallions are worth only 4 times what they were in 2007, instead of 5 times, and want a govt bailout

In Chicago, which has the country's second biggest fleet with roughly 7,000 taxis, the median sale price for a medallion hovered around $70,000 in 2007 before reaching a median sales peak of $357,000 in late 2013.

Since reaching that high point more than a year ago, the value of medallions in the Windy City have sharply declined and sales have ground to a near halt—with the city recording only seven medallion transfers in the first quarter of 2015—as the median sale price fell to about $270,000.

Interference over the last several decades by investors and companies that rent the medallions to drivers brought the prices out of range of owner operators, and medallions proved to offer a better return on investment than gold, oil and real estate. Like it was pointed out in http://justacarguy.blogspot.com/2015/04/new-york-taxi-business-is-circling.html New York medallions went from 250,000 dollars apiece in 2000, to 1.2 million apiece in the spring of 2014 to 870,000 in the fall of 2014, and Friedman owns 1/6 of the New York medallions.

As a result of the booming value, the vast majority of medallions in big metros like New York and Chicago were gobbled up over the last several decades by investors and companies that rent the medallions to drivers.

"What I think has happened is that competition for consumers has not caused a drop in medallion prices, because medallion values in no way are tied to the riding public," said Uber global policy director Corey Owens. "What's happened is that drivers have found they have better opportunities."

Earlier this month, the Philadelphia Parking Authority, which regulates the city's taxi industry, had sold newly-created medallions for wheel-chair accessible taxis for $80,000 each. The bargain price came after the authority put the medallions on the market last fall, with an initial asking price of $475,000, but received no bids.

Charles Goodbar, a Chicago attorney, who also owns 59 medallions. and helps secure loans for medallion owners, said that financing has all but dried up.

"There's zero market," said Goodbar, "In my case, a buyer would have to come to the table with about $220,000 in cash per medallion, because there isn't any financing available."

Or, they can become an Uber driver, and rake in the profits. Easy choice

http://www.usatoday.com/story/news/2015/05/17/taxi-medallion-values-decline-uber-rideshare/27314735/