No different than taxi licenses

Reader comment on: Tour-Guide Licensing Lawsuit

Submitted by Lyle (United States), Sep 17, 2010 17:02

I keep reading that NYC taxi medallions cost a bundle. Why does the city constrain the supply there, because the cabbies control the city! In general you need a government license to do almost any business, and the case of the tour guides, I suspect it has to do with insurance, for example if the tour guide leads one into a traffic accident, etc. Of course the main reason is here as everywhere else the regulated co-opt the regulators and restrict the supply to keep the price up. The banks are no different than any other business all think regulation is fine if it protects them.

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