> The more I spoke to cab drivers the more it seemed their industry was a pyramid scheme aimed at helping established rent-seeker take advantage of often poor new immigrants.
Uber (and Lyft) simply took over as the established rent seeker. At least with medallions, there were caps to prevent overcapacity in the system and your urban cores flooded with rideshare drivers. There is no such restriction with Uber and Lyft, so their revenue comes on the back of the externalities of underpaid drivers and unregulated congestion.
Uber (and Lyft) simply took over as the established rent seeker. At least with medallions, there were caps to prevent overcapacity in the system and your urban cores flooded with rideshare drivers. There is no such restriction with Uber and Lyft, so their revenue comes on the back of the externalities of underpaid drivers and unregulated congestion.