New York Taxi Medallion Madness

The New York Sun’s editorial asks the sensible question: “What is the city government doing regulating the number of taxis in the city?” [“Medallion Madness,” January 2, 2004]. Limiting the number of cabs was probably intended to protect cabbies’ incomes from competition — so now a large proportion of fares instead goes toward paying off mortgages on medallions.

This is progress?

And why should someone who wants to drive a cab be forbidden from doing so just to fatten someone else’s wallet? True, ending restrictions on cabs might crowd city streets — but the appropriate response would be to remove restrictions on private vans and buses as well. Then we could avoid wasting billions on the Second Avenue Subway sinkhole.