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Uber cratered the value of the taxi medallion. The main benefit the medallion gave you was the right to pick people up on the street, unlike other kinds of car
by Finnucane 4y ago
Uber cratered the value of the taxi medallion. The main benefit the medallion gave you was the right to pick people up on the street, unlike other kinds of car services that you had to call for. Since anyone using a taxi could probably afford a cell phone and a credit card, taxis were vulnerable. Does this mean that the cost of entry into the taxi business is lower? Sure. Will it matter? WHo knows.
- loceng 4y agoThese industries usually get captured via regulation imposed by lobbyists of the biggest players, to make the barrier of entry more costly to keep out potentially new entrants. I know a few taxi drivers who are medallion holders - which are now worthless - they of course have been put in a shit position, and the Cities don't particularly care anymore because whatever lobby structure that got the medallions in place to begin with basically no longer exists - they're not necessary to get today's lobbyist funded politicians into play, positions of power.