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This is a poorly written article. If Philadelphia truly needs more cabs, then Uber can't be blamed for the collapse in medallion prices since it's clearly NOT
by epc 11y ago
This is a poorly written article.
If Philadelphia truly needs more cabs, then Uber can't be blamed for the collapse in medallion prices since it's clearly NOT filling a market need.
In New York City, where the medallion owners are demanding some sort of bailout from City taxpayers, all Uber drivers are regulated under the existing TLC system. I'm no fan of Uber, but they've operated and grown in NYC within existing restrictions.
Tried to comment on the article itself but their goofy Facebook bound commenting system failed with any of the accounts I tried to use.
- vijayr 11y agoI can't understand this bailout thing at all. If my job gets outsourced or if I get replaced by a computer/robot, do I get a "bailout"? Why is it that industries who were monopolies for so long, who had decades upon decades to innovate but didn't, feel entitled to help from taxpayers? Not all bailouts are bad of course, but this is ridiculous, isn't it? EDIT: New York City, for example, auctioned 368 medallions between November 2013 and February 2014. Trading for around $1.2 million each, that injected almost half a billion dollars into the city’s coffers. Jeez! Half a billion for driving taxis!
- cbr 11y ago> If Philadelphia truly needs more cabs, then Uber can't be > blamed for the collapse in medallion prices since it's > clearly NOT filling a market need. A medallion has traditionally been a long-term asset. The city sells it to you, and it's yours to keep and use, or sell along to someone else. With Uber/Lyft getting around the medallions by avoiding the need for literal street hailing, the long term prospects for medallions are much reduced. Even if we need more cabs right now, buyers may not be seeing much of a future in the market.