Price of New York Taxi Medallion Hits All-Time High

George Will had an excellent column the other day regarding an immigrant who legally bested the existing rent-seeking taxi owners in Minneapolis. Of not was this concluding statement:

It would be wonderful if every time someone like Paucar comes to America, a native-born American rent-seeker who has been corrupted by today's entitlement mentality would leave.

Now comes word of a record price paid for a New York taxi medallion.

"Prices of corporate medallions have increased from $195,000 in 2001 to the record $600,000 this week," Andrew Murstein, president of the lending company, said in a statement on Tuesday. It said the previous record was about $550,000. (MS: Bolding mine.)