Taxi investments fare well
New York cab medallions soar in value over the decade
Even in this down economy, one investment out there still soars. It can claim a 179% jump in value this decade -- let's see your measly stock match that!
What would bring such divine returns? Owning a New York City taxi medallion, according to Crain's New York Business. New York only allows 13,000 medallions -- a number Crain's says hasn't changed much since the 1930s.
taxi medallion is now valued at about $760,000. Medallion prices
dropped in the last recession, but this time around, they're seeing a
Perhaps it's because medallion owners can rent their licenses out, writes Aaron Elstein. And plenty of people are clamoring to be taxi drivers, now that the economy has wiped out jobs across the board.
The city's Taxi and Limousine Commission thinks that taxi-driving became more attractive after a 2004 fare increase, and fewer are leaving for other jobs.
Either way, medallion owners have a nice little nest egg there, one that is proving exceptionally recession-resistant.
One other investment still beats taxi medallions. That would be gold -- which has risen 245% this decade, Crain's reports.
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The solid report comes a month after the retailer closed all of its Canadian operations.
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