This article from Business Insider shows what these two representatives of disruptive technologies are doing to the price of a New York City “medallion” or taxi license.
In 2014, a medallion was listed for sale for 1.4 million dollars. Early this month, a medallion — basically the right to operate a yellow cab in New York — was listed for $250,000 on nycitycab.com.
Medallions are tightly regulated, and you cannot operate a taxi in New York without one. They’re losing value with the cab business taking a hit amid the rise of rideshare apps like Uber and Lyft.
Notably, although taxis are still beating Uber and Lyft in New York City, the share of trips shrank to 65% in April 2016 from 84% in April 2015, according to charts shared by Morgan Stanley analysts in July.
As a percentage of dispatched trips, conventional taxis have dropped by 9 per cent, while growth of dispatched trips are in the triple digits for Uber and Lyft. Will Uber and Lyft have the same impact in the Metro Vancouver market?
This is very interesting. For NYC taxi you might as well say Manhattan taxi. The other boroughs are almost taxi free, hence the rise of Uber, etc.
In Brooklyn during a driving snow storm c. 2011 we had to call a private car – thanks for the tip, perfect strangers! – and wait 15 minutes for it to show up. Brrr. (The helpful strangers also waited nearby to see that we did indeed get a car. Amazing.)
If this trend helps service in the other boroughs, hurray! Do we need more options here? – for darned sure.
Safety first ! Uber & Lyft drivers are not interviewed.
The more I read about the trashing of taxi drivers by people who have never had the privilege of their experience, and the uplift of Lyft and Uber, the more I want walkable communities with decent transit alternatives.
Being a driver in any of these public services sucks. It ain’t a way to make a decent living, especially to support families, but the unfortunate thing is that a lot of immigrants have little other choice.