“This is one of the best investments — better than Merrill Lynch,
which is going down the drain,” said a driver, Mahmoud Sadakah, 42.
“This is a guaranteed investment, because it will never go down.”
The market in NYC taxi medallions is a weird one, to be sure: it seems to only
ever go up, no matter what happens to interest rates. A corporate medallion
last month for
$426,000. Which makes the medallions sold yesterday to drivers – at
prices from $278,000 to $385,000 – almost seem cheap.