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Basically. From Wikipedia[0]:

> Over the years, many medallions once owned by individual drivers were sold to large taxi fleets. As of 2012, about 18% of all taxis were owner operated, while the rest were leased; this is a decline from the 29% ownership rate in 2006.

[0]: https://en.wikipedia.org/wiki/Taxicabs_of_New_York_City#Logi...

You're both right. As the medallions increased astronomically in price, only larger groups of drivers or companies could afford to participate.

In many cities there would be a mix. Some drivers would rent them from companies, some would own the medallion themselves.