for good and bad, PE subsidized tech disrupted a number of indusries. The NYC taxi medallion market was one of them. A monopoly with restricted number of taxis suddenly got T-boned at the intersection by ride-sharing apps. Lots of debris will need to be cleaned up over the next few years in the wake of the tech crash, including disrupted industries that may have an opportunity to redeem themselves and become useful and fair again. The same opportunity created many of these new tech business in the wake of the dot.com crash 20 years ago. Very Schumpeterian on a 10-20 year rinse and repeat cycle.
for good and bad, PE subsidized tech disrupted a number of indusries. The NYC taxi medallion market was one of them. A monopoly with restricted number of taxis suddenly got T-boned at the intersection by ride-sharing apps. Lots of debris will need to be cleaned up over the next few years in the wake of the tech crash, including disrupted industries that may have an opportunity to redeem themselves and become useful and fair again. The same opportunity created many of these new tech business in the wake of the dot.com crash 20 years ago. Very Schumpeterian on a 10-20 year rinse and repeat cycle.
https://documentedny.com/2021/11/23/taxi-cab-medallion-explained/