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In a market where a taxi medallion costs $520,000, I think concerns that Uber is screwing over cab drivers are a little misplaced.
by copsarebastards 12y ago
In a market where a taxi medallion costs $520,000, I think concerns that Uber is screwing over cab drivers are a little misplaced.
- MetaCosm 12y agoIndeed, it is the medallion holders -- who miss their extremely safe investment that used to return 7%+ (NYC medallions did significantly better than the 7% average) for years on end... it was a great place to sink a lot of money, very safely, protected by a government monopoly. For a few decades medallion holders won, taxi drivers and taxi riders lost. Competition in a market that has been free of it for a long time will always be extremely disruptive.