The commission is then to recommend to the Council how many taxi medallions should be added.

And the biggest asset in the yellow cab industry, the taxi medallion, is the hardest to seize.

Now they and their families own 240 yellow taxi medallions, worth more than $66 million.

But the industry is likely to challenge the proposal, to preserve the value of taxi medallions, which now sell for more than $140,000.

They leased a taxi medallion from a broker for $685 a week, adding an extra $250 toward the purchase of the cab itself.

They also need a franchise, similar to a taxi medallion.

Then he plans to lease his taxi medallion and sell the vehicle.

Minifleets, which each own two or three cabs, control about 5,000 of the city's taxi medallions.

He didn't have enough money to start his own restaurant, so he bought a Checker and a taxi medallion.

The order also calls for an additional 200 taxi medallions to be added in the next two years.