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Guest JMT

'hmmm...Taxi medallion OR house?'

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Guest JMT

Man Mortgages House to Pay for Medallion

NEW YORK (Oct. 19) - If the price of riding in a New York taxi seems high, try buying one.

A Bangladeshi immigrant put himself in the driver's seat by paying a record $360,000 at a city auction on Monday for a New York taxi medallion, which is required by the city to own a taxicab. Most cabdrivers in the city work for taxi fleets or lease time from a medallion owner.

Mohammed Shah, 44, mortgaged his house in the New York borough of Queens to help finance the purchase of one of 116 new taxi medallions sold to the highest bidders.

Shah, a father of three who has been driving a cab since 1996, submitted the top sealed bid in a sale that saw the price of an owner-driver medallion rise almost $50,000 from last year.

The average winning bid on Monday for a medallion exceeded $339,000, according to the Taxi and Limousine Commission. The previous top price for an individual medallion was $311,770 paid at auction in April.

The sale increased the number of taxi medallions in the city to 12,487.

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Guest slamminshaun

Man Mortgages House to Pay for Medallion

NEW YORK (Oct. 19) - If the price of riding in a New York taxi seems high, try buying one.

A Bangladeshi immigrant put himself in the driver's seat by paying a record $360,000 at a city auction on Monday for a New York taxi medallion, which is required by the city to own a taxicab. Most cabdrivers in the city work for taxi fleets or lease time from a medallion owner.

Mohammed Shah, 44, mortgaged his house in the New York borough of Queens to help finance the purchase of one of 116 new taxi medallions sold to the highest bidders.

Shah, a father of three who has been driving a cab since 1996, submitted the top sealed bid in a sale that saw the price of an owner-driver medallion rise almost $50,000 from last year.

The average winning bid on Monday for a medallion exceeded $339,000, according to the Taxi and Limousine Commission. The previous top price for an individual medallion was $311,770 paid at auction in April.

The sale increased the number of taxi medallions in the city to 12,487.

How much will he rake in now as a result of owning a cab in NYC?

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Guest endymion

I want to know that too, I'm all curious about the numbers now. Is he planning to have his whole family out driving cabs or is there just one? This sounds to me like the start of a small business and not just a guy and his cab license.

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Guest slamminshaun

I want to know that too, I'm all curious about the numbers now. Is he planning to have his whole family out driving cabs or is there just one? This sounds to me like the start of a small business and not just a guy and his cab license.

I bet you do. I sense your mouth watering to tax this guy..... :P

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Guest endymion

That's hilarious.

If that guy makes a million dollars in a year with his $360,000 tax stamp and a cab that costs a hundred grand to fuel and maintain for the year then yeah. Tax that man heavily. The glorious United States government and its loving citizens create the Land of Opportunity that makes it possible for this Bangladeshi immigrant to do this and have his shot. If he gets rich then I want my cut, pay the hell up.

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Guest slamminshaun

That's hilarious.

If that guy makes a million dollars in a year with his $360,000 tax stamp and a cab that costs a hundred grand to fuel and maintain for the year then yeah. Tax that man heavily. The glorious United States government and its loving citizens create the Land of Opportunity that makes it possible for this Bangladeshi immigrant to do this and have his shot. If he gets rich then I want my cut, pay the hell up.

And to think....it might be a mortgage that helps make him his million..... ;D

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Guest endymion

I just did some math on this for kicks and I don't see a problem with this guy making enough in a month to cover a $2k-$3k mortgage payment. One cab in NYC should easily be able to do that right?

Rates are low now. Smart Bangladeshi. The universe is now back in balance after that Post cover story about the deaf Bangladeshi immigrant getting killed by the subway while he was reaching for his hearing aid as everybody is shouting at him to get back.

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the taxi medallion is the staple of economic text books in colleges.

it's pretty interesting, and most cabbies rent from larger companies.

if you don't have the medallion you can still shuttle people, but you have to be called to thier house to take them someone like a shuttle.

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Guest pod

That is the truth. Wiki taxicab for a good detailed article on the way a taxi system works in a major city.

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