Have taxis finally hit rock bottom?

Crain's New York reports:

One of the 13,587 pieces of tin that give yellow cabs the right to pick up street hails sold in March for $241,000, a low not seen since the early 2000s and a far cry from the $1.05 million that a similar taxi medallion fetched in 2014.

For some quarters of the taxi industry, the sale is one more sign of how far the yellow cab business has deteriorated since Uber gained traction in New York starting in mid-2014. The previous low for a medallion sale during the past year was $325,000, last April, though there also have been sales, sometimes in foreclosure, for as much as $600,000.

But the low sales could be unreliable indicators, given the rule changes implemented by the Taxi and Limousine Commission to help stabilize the market for medallions.

The most recent change took effect March 21, shortly after the $241,000 sale. It allows owners of a single medallion to sell it to a fleet owner or to another so-called independent owner. Previously, those independent owners could sell only to a buyer who did not already own a medallion.

With few investors wanting to get into the taxi business, independent owners have struggled to find buyers. That has depressed prices further.

The rent-seeking society up close.