Free Market, New York, Three Million Dollars discussed on 11154 Show

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More and there are people that do that there are people that would take the one medallion then mortgage it get alone against it and by ten more and so you end up with people with ten fifteen twenty a hundred of these medallions can you imagine if you had a hundred medallions and they were going for one point three million dollars now you're net worth is one hundred thirty million dollars remarkable and then came over and lift in any of the other ride sharing apps that suddenly made anybody who wanted to become a a driver for higher a driver for higher yes what happened to the price of medallions it's called competition it's called the free market well if you're a pig in your held onto your medallions even though over was starting to eat into the business of moving people around a big city they just fell off the cliff the medallion that sold for one point three million dollars in twenty thirteen well last month they held the monthly taxi cab medallion auction in new york city and amid dalliance sold for two hundred forty one thousand dollars so the guy if you bought that medallion for one point three million in twenty thirteen not looking ahead not seeing things like our an app that would let people just hail a car for higher and start entrepreneurs who want to use their cars to make money when they're not driving them you would have lost one point one billion dollars just in one short span of three and a half years time in the market is tough.

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