Earlier quoted context omitted.
Why should medallion owners be protected for their investment decisions? I thought that was the gripe about the banks to (albeit - the banks are far less deserving of sympathy).
The medallion system was a bargain: we protect you from competition, and you agree to price controls and other regulations. Taxis can't do surge pricing, for example, because the rate regulations don't allow it. So if the government is going to back out of its end of the bargain, it's not unreasonable to compensate medallion owners.
Fair.