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As a result, their value rose tremendously. Every cab in New York City has to have a medallion. And the city strictly limits the number â currently just over 13,000. So as New York has prospered over the past few decades, the price of medallions has gone through the roof.The maximum amount a cab leased out to drivers can earn over a year is $82,524.acob Goldstein has a similar theory. Every cab in New York City has to have a medallion. And the city strictly limits the number â currently just over 13,000. So as New York has prospered over the past few decades, the price of medallions has gone through the roof.
Taxi drivers in Chicago, for example, are facing competition from Uber, which is adding more supply along with flexible pricing structures. âA seven-mile ride from the Loop to the University of Chicago in a medallion taxi costs about $26, including tip.