The Right to Drive [Own] a New York Taxi Now Costs $1 Million

A cartel forces prices higher:

….over the past three decades the value of a medallion outperformed gold, oil, the average American house, and the Dow Jones Industrial Average. The first $100,000 medallion was sold in 1985, making headlines in The Times and representing a 900 percent price increase over the past 26 years…..

Via The Atlantic Wire.