Tuesday, September 26, 2017

After London Bans Uber, New York Weighs Limits to Help Cabbies



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.

Click here for the full article. 

Source: BloombergTechnology (via The Empire Report) 

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