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I like Uber and have little sympathy for cab drivers. But I really think the states that sold the medallions should offer to buy them back at the original selling price. Cab medallions are nothing but a big government scam.
Indeed. While I am saddened by this news, I welcome uber and lyft with open arms as yellow taxi drivers in this city were too discriminatory both in terms of certain neighborhoods they wouldn't go to and in terms of racially profiling. So I watch their demise with glee.
Would be fun to know which of his supporters, relatives etc. owns the cab companies etc. lol.
(It happens in the US too, heck when I worked in Chicago we had a guy working there that was the son of a big-name politician....wow could he bring in the new accounts from the city. )
Even US cities tried to freeze out Uber etc. to protect the cab companies etc.
What some of you may not understand is that cab drivers often invest their life savings in the medallion needed to run a taxi, then once the other services became available, the price of those medallions dropped down way below what they owed in loans, which means they lost all the money they put down to buy them.
It shouldn't cost that much for a little medal anyways.. creating artificial supply shortages because of a lot of loopholes and expenses is not how the free market works.. anybody should be able to taxi people around assuming they have liability insurance and a way to advertise their services.
What I'm hearing is those idiots failed to consider the possibility of new competition in their Business Plan.
Please. It worked from 1937 until 2016. 79 years. And should have continued to work. New York maintained limits on cabs and such but abandoned them in recent years. I would think the limit made sense if you have ever dealt with NYC traffic. I would think it might make an interesting taking case...that the government deprived these guys of the value of their medallions without compensation.
There was a pretty well-known study done by a University of Chicago economist about the economics of the taxi industry. The study showed how the medallion system distorted the market and was horribly damaging for consumers, and to some extent for taxi drivers too.
I can't even find reference to it via google, but IIRC the study was done around 1975, over 40 years ago.
That's the price of a Tribute to our Government. Someone has to finance "this thing of ours".
Yep and this is exactly why the old guard, big government left is fighting the democratization of industries such as transportation and hospitality - they lose their cutbacks, licensing fees and the special interests for cab companies and hotels donate large sums of money to keep it that way.
Good to see Japan cracking down on Airbnb now. Like I said, I'm not for overbearing government regulations (and I know this is outside of the US) but I also thinkn that Airbnb, Uber, and Lyft are getting a HUGE pass and are misleading consumers and the market with their business practices.
I read a post where a daughter blamed a Spa center for her moms suicide after mom wasn't happy with her botox treatment and accused them of being guilty for her death.
Aren't the people who commit suicide not having mental issues and failed treatment?
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