Mar
28

Taxi Trouble

 In early 2014, before there were any ride-hailing apps such as Lyft or Uber, New York City cabs in all five boroughs had 15 million pickups/month. By 12/17, cab pickups numbered just 10 million/month, while ride-hailing apps numbered 15 million/month! A perfect example of lower prices boosting demand. As for the price of a Manhattan taxi medallion (license), it has fallen from $1.3 million in 2013 to $120,000 today.

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