Taxi medallion values plummet as new competition hits the street

The taxi medallion price has dropped from its million-dollar peak in 2014 to as low as $60,000 in individual sales, with new competition from Brooklyn startup Revel adding just another blow to struggling medallion values.

“If you had the money, you could pick one up for $50,000 to $100,000. I haven’t seen them appreciate at all,” said Sergio Cabrera, a medallion owner-driver who owes $267,000 on his loan. “And with all this bad news coming out with more competition—this is dead.”

Revel announced this week that the Taxi and Limousine Commission had approved its application to put 50 electric vehicles on streets south of Midtown. The addition of a

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