Comment by montitro

I think the idea was more: "too many" taxis hit the streets, and while they make a living wage, traffic doesn't move. In fact, as a taxi driver, with a time-based meter, traffic congestion may not decrease wages at all. Given the density of Manhattan, it wouldn't surprise me if there was more demand for taxis than the road system could support (I'm not saying that's true, I don't have the data, just that it's a third factor besides supply and demand).