> that's pushing the use of "the free market" quite a bit. Cities control the supply of medallions. The fact that people can bid whatever they want for them doesn't make it a "free market".
Why not? Every market and auction is premised on limited resources. There is limited road space, which is auctioned off in the form of tokens, which are the mediallions.
Medallions clearly don’t represent road space but a specific use. They basically create a taxi cartel with a high price of entry. I could get behind auctioning off all road space to limit traffic and pollution but not that.
Why not? Every market and auction is premised on limited resources. There is limited road space, which is auctioned off in the form of tokens, which are the mediallions.