Comment by adventured
8 hours ago
I imagine most traditional taxi drivers converted into Uber and Lyft drivers. Unique regulatory circumstances in places like NYC might have delayed that process some of course (eg trying to pay off a medallion).
Uber and Lyft drivers are taxi drivers.
Drivers rarely owned the medallion. They leased the cab for 8-12 hours and drove it on behalf of the medallion owner.
What a stupid process. It bothers me that farmers rarely own the land too. We can't shake our tendency to let wealth turn us into tiny little kings that live off the rent. (not so tiny in the case of farms, but you get it).
>It bothers me that farmers rarely own the land too
You will be glad to learn that most farmland is farmer owned:
https://www.ers.usda.gov/topics/farm-economy/land-use-land-v...
Medallion is an artificial scarcity. Land is actually scarce.