If Uber Is Killing Taxis, What Explains the Million-Dollar Medallions?

A New York City Taxi and Limousine Commission medallion attached to the hood of a cab Richard Levine/Corbis

To hear angry hacks and enthusiastic Silicon Valley types tell it, Uber is killing the taxi industry. Apparently no one told the people who buy New York City taxi medallions.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.