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


    YOU MIGHT ALSO LIKE

    Interactive: Take a tour through divided Jerusalem

    Interactive: Take a tour through divided Jerusalem

    Take a tour through East and West Jerusalem to see the difference in quality of life for Israelis and Palestinians.

    Stories from the sex trade

    Stories from the sex trade

    Dutch sex workers, pimps and johns share their stories.

    Inside the world of India's booming fertility industry

    Inside the world of India's booming fertility industry

    As the stigma associated with being childless persists, some elderly women in India risk it all to become mothers.