4 ms·

The cab drivers are full of shit. He forced them to accept credit cards and GPS in all cars. The drivers complained like crazy, and even went on strike. The

The cab drivers are full of shit. He forced them to accept credit cards and GPS in all cars. The drivers complained like crazy, and even went on strike. The result? Revenue increased 14% the following year. Medallion prices are at a record high, and driver revenues are also at a record high. They literally went on strike to protest a pay increase.

mvc 13y ago
> Revenue increased 14% the following year Reported revenue increased 14% the following year.
- jcampbell1 13y ago
  Revenue comes from the meters and is accurate. There can be a discrepancy in the tips, but tips also increased because the credit card tip presets are 20-30%. The drivers have come around and admitted the credit card machines increased ridership and revenue drastically. There was a big switch from Black cars to taxis primarily because business travelers can now pay with corporate cards.
  - refurb 13y ago
    I think you misread his comment. I think he's saying revenue never really went up. It's just all reported now.
busterarm 13y ago
Except that's not really how it works at all. Individual drivers don't really buy medallions anymore. Big money investors who operate cab companies do. A company can buy a medallion and pay for it from their cab fleet in a day. An individual driver can never hope to make that much money anymore. Also, when all the new medallions were issued and the GPS/credit system put in their cars, some of the companies passed the cost of install onto the drivers, taking more than the maximum lease rate (The current day rate is like $229, whether you're on the road or not). Cab drivers aren't making that much money ultimately. It has always been bad but it's way worse now than it used to be (my mom drove a yellow from 1978-1992 before she became an RN). The overwhelming majority of the money earned in a taxi cab goes to the medallion holders -- owning a medallion is basically a guaranteed 5% ROI because the fare price is fixed. Cab drivers are basically little more than modern sharecroppers. I don't disagree that they're full of shit though, I'm just saying it's a shitty life and a lot of them hate Bloomberg's guts.

mvc 13y ago

> Revenue increased 14% the following year Reported revenue increased 14% the following year.

jcampbell1 13y ago
Revenue comes from the meters and is accurate. There can be a discrepancy in the tips, but tips also increased because the credit card tip presets are 20-30%. The drivers have come around and admitted the credit card machines increased ridership and revenue drastically. There was a big switch from Black cars to taxis primarily because business travelers can now pay with corporate cards.
- refurb 13y ago
  I think you misread his comment. I think he's saying revenue never really went up. It's just all reported now.

busterarm 13y ago

Except that's not really how it works at all. Individual drivers don't really buy medallions anymore. Big money investors who operate cab companies do. A company can buy a medallion and pay for it from their cab fleet in a day. An individual driver can never hope to make that much money anymore. Also, when all the new medallions were issued and the GPS/credit system put in their cars, some of the companies passed the cost of install onto the drivers, taking more than the maximum lease rate (The current day rate is like $229, whether you're on the road or not). Cab drivers aren't making that much money ultimately. It has always been bad but it's way worse now than it used to be (my mom drove a yellow from 1978-1992 before she became an RN). The overwhelming majority of the money earned in a taxi cab goes to the medallion holders -- owning a medallion is basically a guaranteed 5% ROI because the fare price is fixed. Cab drivers are basically little more than modern sharecroppers. I don't disagree that they're full of shit though, I'm just saying it's a shitty life and a lot of them hate Bloomberg's guts.