Demand for New York taxi medallions has plunged since Uber and other app-based ride sharers hit the streets. Medallion prices have plunged in line. Licensed drivers are calling for curbs on the ride share disruptors
Ride-hailing service Uber went public on Friday, and the event had been billed as one of the largest IPOs in the history of the New York Stock Exchange. The shares did not start the day well.
Silicon Valley slowly erodes the taxi industry. Despite being a New York novelty, the livelihood of yellow cabs is threatened by ridesharing apps like Uber and Lyft, having a major impact on professional drivers.
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