By Henry Goldman
A week after London moved to revoke Uber Technologies Inc.’s
operating license, the company and its electronic ride-hailing
competitors are feeling the heat in New York as city officials consider
moves to regulate and control the industry.
The
City Council on Monday was considering a six-month study of Uber’s
impact on the traditional yellow cab business, where the value of
medallions -- licenses to operate taxis -- has dropped by 90 percent in
the past four years. Medallion owners and some council members say the
city shouldn’t have allowed companies like Uber and Lyft to operate in
New York without applying the same fees and regulations.
The
taxi owners are pushing for officials to rescue their industry. They
are emboldened by London’s move to ban Uber’s 40,000 drivers amid
company failures to do adequate driver background checks.
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Source: BloombergTechnology (via The Empire Report)
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