Back in 2011 Centives reported that New York City taxi medallions were a better investment than both gold and shares. Oh how the times have changed. Josh Barro wrote:

• As a result of services such as Uber and Lyft prices for taxi medallions across the US have crashed.
• The average New York City medallion is down to just under $900k, 17% below its peak.
• Things are worse in Boston where prices have fallen 20%.
• And in Philadelphia the taxi authority was unable to sell any medallions at all.
• Taxi medallion owners face a death spiral. Services such as UberX are cheaper than cabs. Why, then, should taxi drivers pay to lease medallions if customers will actively avoid their cabs?

Read more here.

Source: The New York Times

Via: Marginal Revolution