To legally operate a taxi in New York, you need a medallion. A decade ago, the cost of a medallion for a single cab was about $1M. They were an investment in a cabbie's future and retirement. Today, you can buy one for less than $200K. The decline of the NYC taxi industry holds a lesson for multifamily. The post What’s the Best Way to Lose 80% of Your Value? Stop Listening to Customers appeared first on The Multifamily Journal.
