Uber, Lyft and the hard economics of taxi cab medallions

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Eventually, the taxi industry lost the bulk of its clientele to Uber and Lyft. According to the county’s department of transportation, medallions went from being worth $350,000 to $35,000.

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NYC "Banned" new cab medallions fixing the number back in the 1950’s I believe. Over they years the value grew exponentially kind of like machine gun values. Uber is doing to medallion values what a general NFA Amnesty would do to the price of machine guns.

Ride-hailing apps such as Uber and Lyft have been so disruptive to New York City’s taxi industry, they are causing lenders to fail. Three New York-based credit unions that specialized in loaning money.

Three New York-based credit unions that specialized in loaning money against taxi cab medallions, the hard-to-get licenses that allow the city’s traditional cab fleet to operate, have been.

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The argument against Uber, Lyft and the other non-traditional taxi companies has always been that they disrupt the cosy cartel of the traditional taxi companies. This is obviously why Uber and Lyft are so to the benefit of actual passengers, their disruption of the cartel. That cartel takes different forms in different places.

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NEW YORK (AP) – Ride-hailing apps such as Uber and Lyft have been so disruptive to New York City’s taxi industry, they are causing lenders to fail. Three New York-based credit unions that specialized in loaning money against taxi cab medallions, the hard-to-get licenses that allow the city’s traditional cab fleet to operate, have been placed into conservatorship as the value of those.

Now they are worth less than half that amount. (ap photo/richard Drew) In this June 26, 2017 photo, taxi driver and taxi medallion owner Marcelino Hervias poses for photos with his taxicab on New York’s Upper West side. ride-hailing apps like Uber and Lyft have been so disruptive of New York City’s taxi industry, it is causing lenders to fail.