A medallion taxi, also known as a taxi medallion, is a license or permit that allows a vehicle to operate as a taxi in a specific city. In the case of New York City, a medallion taxicab is the only vehicle licensed to pick up passengers who hail a cab on the street anywhere in the city. The number of medallions available in the city is limited by state law, and they are transferable and can be resold. The medallion system is a government-created intentional constraint on the supply of taxicabs, and it is a highly regulated and valuable asset for taxi operators
. The value of these medallions has fluctuated over the years, and they have been the subject of significant financial investment and regulatory issues, particularly in the context of the rise of ridesharing services like Uber and Lyft
