Much has been written about this already, but taxi companies are controlling access to a limited resource (taxi medallions), so the economics are slightly diffe

Much has been written about this already, but taxi companies are controlling access to a limited resource (taxi medallions), so the economics are slightly different. Uber sidestepped medallions by ignoring all existing laws at the beginning, and used investor billions to undercut taxi companies on price, but investor billions eventually run out. The medallion system, good and bad, is how taxi companies have made things work in the past, and probably the future.