Taxis had artificially restricted supply. I think you're forgetting how expensive taxis were. https://www.theawl.com/2012/07/how-much-more-do-taxi-fares-cost-t

Taxis had artificially restricted supply. I think you're forgetting how expensive taxis were. https://www.theawl.com/2012/07/how-much-more-do-taxi-fares-cost-today/ https://www.theawl.com/2012/07/how-much-more-do-taxi-fares-c... 2012 $2.50 first 1/5 mi. $2.50 per mile. $0.50 per 1 min. uberX 2019 (without counting inflation - ~10% since 2012): Per Minute: $0.66 Per Mile: $1.46 Minimum Fare: $7.19 Taxis are competitive for very short trips, but 3+ miles they're almost double (175%)!