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Taxi medallion sale to net city $1 billion?

File of a New York City cab (AP Photo)

February 20, 2012 5:55:01 AM PST
People in New York City's taxi industry are questioning how much money the city is going to raise in upcoming medallion auctions.

The city is estimating $1 billion.

A total of 2,000 medallions will be sold, starting in July.

A medallion is required to operate a yellow cab in the city.

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