Taxi cab permits are not designed as stock options, or a means of speculation. The economic returns from a permit should derive exclusively from using it--not from re-selling it. To stifle competition so a few can profit from reduced competition (inflation in price) is wrong--it's "profiting at the public's expense."

Whoever made these licenses freely transferable anyway? Bad policy. They are owned by the public and should revert to the public when retired.

The lawyer will argue: "But my client paid for the permit in good faith under then existing regulations." Tough luck, Mr. Lawyer. Where were you advising him of the risks when he bought it?