However, the seeds of this crisis go back decades and extend across mayor’s administrations and regulatory systems. New York’s locket industry began in 1937 when the city council passed the Haas Act. The Haas Act was designed to counteract an oversupply of taxis in the city and restricted entry to the taxi market by limiting the number in the city to 13,595. To enforce this restriction, each taxi was issued a numbered owner’s license or medallion. What the Haas Act didn’t do, however, was to specifically prohibit the transfer of these owners’ permits. Unlike other operating permits, taxi medallion owners could implicitly sell their permits.