Just a few years ago, the cost of a taxi medallion in New York city was 1.25 million dollars (yes, correct, over a million dollars). Taxis have to comply with regulations including the drivers needing a certain type of license (otherwise known as a hack license).

Now the cost of a medallion is way down, which means people that took out loans to buy a medallion a few years ago are now stuck paying for something that’s worth way less.

http://www.cbsnews.com/news/how-much-is-a-nyc-taxi-medallion-worth-these-days/

Uber drivers can just drive their own car, no special license required, no regulations on the vehicle. It may be better for the passenger to have less regulation (or it may not be better, I’m not sure) but not for the drivers and taxi companies.

Do you think it’s right?

Topics: business, government, driving, taxi, companies