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In this June 26, 2017 photo, taxi driver and taxi medallion owner Marcelino Hervias poses for photos with his taxicab on New York's Upper West Side. The ride-hailing apps that are disrupting travel in cities around the world have also disrupted the economics of what once seemed a watertight investment - a New York City taxi medallion. Just three years ago, cab owners and investors were paying as much as $1.3 million for a medallion. Now they are worth less than half that amount. (AP Photo/Richard Drew)

In this June 26, 2017 photo, taxi driver and taxi medallion owner Marcelino Hervias poses for photos with his taxicab on New York's Upper West Side. The ride-hailing apps that are disrupting travel in cities around the world have also disrupted the economics of what once seemed a watertight investment - a New York City taxi medallion. Just three years ago, cab owners and investors were paying as much as $1.3 million for a medallion. Now they are worth less than half that amount. (AP Photo/Richard Drew)

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