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Owners of New York City's taxi "medallions" filed a lawsuit (PDF) against city regulators today, saying their business has been devastated by the decision to allow companies like Uber to compete using "E-hail" services.
A medallion is required to operate a New York City yellow taxicab, the only type of vehicle allowed to accept passengers who hail cabs on the street. Until recently, those medallions could sell for over $1 million. Companies like White & Blue Group, one of the plaintiffs in the case, managed fleets of licensed taxicabs by leasing out the medallions.
According to the suit, White & Blue Group, which manages the largest fleet of leased taxicabs in New York, "has seen its monthly leasing income drop as much as 50% in the past year," and has been forced to idle as much as 20 percent of its fleet each day. The complaint was filed today and reported earlier by Reuters.
Extortionists crying about losing money is about the saddest sight in the world.
(Score: 2) by jdavidb on Saturday November 21 2015, @01:01AM
Let's at least point the finger at the right place: the city created the monopoly in the first place by making medallions a very scare resource.
I think we're agreed on that. I start with the city as the monopoly of force in the region.
ⓋⒶ☮✝🕊 Secession is the right of all sentient beings