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Uber Driving Down Price Of Taxi Medallions
By
Rebecca Fishbein
Published Nov 29, 2014
Modified Nov 29, 2014
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By
Rebecca Fishbein
Published Nov 29, 2014
Modified Nov 29, 2014
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Though embattled taxi-hail app Uber has been struggling in the court of popular opinion of late, the bad press hasn't done much to topple the company when it comes to its ongoing war with the taxi industry—taxi medallion prices have reportedly plummeted over the past year, likely due to apps like Uber and Lyft.
The NY Times reports that taxi medallion prices in New York City have slid down 17 percent since the spring of 2013. In Chicago, prices have sunk another 17 percent; Boston's seen a 20 percent slip, and Philadelphia hasn't even been able to make a sale of late.
The price decline has matched up with increased demand for and competition from companies like Uber and Lyft, and some say people don't want to purchase taxi medallions while the whole industry's in apparent turmoil. Recently, Uber slashed prices on its UberX cars, making them cheaper than taxi rides—though this deal also reportedly cut wages for Uber drivers.
In New York, medallion prices were trading at a high of over $1 million in the spring of 2013. But in October of this year, medallions fell to $871,667. Though Uber taxis are more tightly regulated in the city—they can't legally pick up street hails, for instance, and taxis can—experts say the advent of green boro taxis have likely contributed to the price decline.
So, another point to Uber in the Great Taxi War of 2014. Then again, Uber was booted from Nevada this week, so really, you win some, you lose some.
Tagged
cabs
lyft
taxi wars
tlc
uber
Rebecca Fishbein
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