I am not sure I agree with the basic premise of this article, but nevertheless it is an interesting viewpoint. Some key points that are useful:
There are just approximately 13,500 medallions in New York City today, and they were once considered one of the best investments in America. A source of retirement for many taxi drivers, individual medallions were valued in 2013 at $1 million; today they are worth between $150,000 and $250,000.
The influx of ride sharing services has completely destroyed the value of medallions. Today, 130,000 vehicles compete for the same set of fares within the city. Uber alone has a fleet of 70,000 — a monstrous number when compared with the capped 13,500 yellow cabs.