It appears that medallions are trading at around 800,000 to 900,000 dollars currently. The opportunity cost for that much money could be considered at minimum to be how much one pays in interest for the loan to obtain such a license, easily 60-80,000 per year.
Or viewed another way, the opportunity cost is what else one could do with nearly a million dollars placed into a different sort of small business that generates similar revenue.

In any event, that medallion is needs to be paid for. First few thousand rides each year is medallion cost.

WHO ARE YOU CALLING “CARTEL.” I own and operate a single NYC medallion. I refinanced it to replace my taxis (three times) and provide college education for my two children. I am an immigrant who provided for my family with blood money on the streets of NYC. I don’t mind working hard, and I mean hard. What I do mind is people like you who can’t understand how bad companies like Uber are for people who are in pursuit of the”American Dream.” Sooner you and people who think like you get this through your heads, the better off America will be – Uber does not care for you as a passenger, nor does it care for me as a driver. It only cares for its big shot investors to make an exorbitant amount of quick profit so that they don’t have to work rest of their lives!!!
Know the facts before accusing me and thousands of hard working people like me as being part of cartel. PEACE!!!