Taxi medallion

A taxi medallion, also known as a CPNC (Certificate of Public Necessity and Convenience), is a transferable permit in the United States allowing a taxicab to operate.

According to the Boston Herald, by the end of 2018, the value of a Boston Taxi Medallion had collapsed; after reaching an all-time high in 2014, prices had fallen to around $40,000, representing a 95% loss.

On July 11, 2019, 16 medallions were offered at auction, 3 sold for $137,000, $136,000 and $138,000; the remaining 13 failed to attract any bidders.

[14] Since many cab drivers took out loans in order to afford medallions when values were high, many have subsequently been forced to declare bankruptcy.

In September 2020, Marblegate Management LLC, the largest holder of NYC medallion loans, decided to write off $70 million in debt that indigent cab drivers still owed.