Phil Valentine: Out with the old taxis, in with the Uber
At the heart of the argument, I get it. They say their industry is heavily regulated. In places like New York City, you have to buy an expensive taxi medallion, essentially a permit to operate a cab, although that cost has come down dramatically because of Uber and Lyft. That’s part of the outcry. Taxi medallions in New York were going for $1.3 million in 2013. Yeah, $1.3 million. Can you imagine? Now those medallions go for less than $200,000. And that’s probably overpriced.
Updated Aug 2, 2018 at 3:00 PM