Quote:
Originally Posted by Bend it like Bourgeois
The city makes millions off of driver, plate, and broker fees each year.
That's ultimately what this is about.
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I'd say it's about the city being worried about lawsuits from all those cabbies and brokers who bought plates for $150,000 (1,500 x $150,000 = over $200 million value of existing plates). It's like Canada's dairy supply management system* - once you establish a closed system, you're on the hook for compensating the protected stakehohlders if you devalue their businesses by opening the market. Which is one of the reasons protected and closed markets are a bad idea.
* Canada's dairy producers will get $4.3-billion in federal compensation if the TPP free trade deal goes through.