New York taxi medallions sell for $1m

The 2,000 per cent rise in the cost of a permit to operate a taxi in the city exceeds even oil and gold price increases.

An aluminium medallion is the licence to operate a yellow taxi in New York City.

It can be bought and sold like anything else. But almost nothing else has risen in value so much. Earlier this month, two medallions changed hands for $1m each.

Al Jazeera’s Scott Heidler reports from New York City.

Source: Al Jazeera

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