Taxi medallion prices continue to fall under pressure from new taxi competitors, including Uber. New York City individual taxi medallions, whose owners must drive a taxi for at least part of the year, fell to $805,000, down 23 percent from 2013’s peak of $1.05 million. Corporate medallions, which may be owned in fleets, traded on average at $950,000, down 28 percent from their peak.

Many cities require the purchase of a license called a medallion to operate a taxicab. Restricted supply of medallions has caused them to rise in price for decades, though prices have declined in the last two years as car-service apps have increased the effective supply of vehicles for hire. In New York City, sales of additional yellow cab medallions and the “green taxi” program for areas outside the busiest parts of Manhattan have also added competition.

The Taxi and Limousine Commission “needs to start reining in these companies and enforcing the same regulations that yellow taxis have been abiding by for years,” said Tweeps Phillips, the executive director of the Committee for Taxi Safety, which represents taxi medallion owners in New York.