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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.
How Much Does It Cost To Get A Taxi License. In New York City, all taxis need something called a âmedallionâ in order to operate in the city. A medallion is basically just a taxi license, that gives you the right to drive a cab in the city. Like stated above, there are only 13,000 licensed taxis in the city.