Quote:
Originally Posted by Macroni
Here in Philadelphia, a taxi medallion was valued at $500,000, they are now reduced to $10,000 at the latest auction. Uber has changed the marketplace.
I do not understand how an unregulated vendor can just enter a marketplace and be able to operate unrestricted while the incumbent is still required to maintain the standards established by the community in the same marketplace. I do not understand how these small business owners can have not only their livelihood disrupted but their substantial investments in the medallions wiped out.
I understand the horse whip factory closing but this seems different. Especially considering they lost $1.2 Billion dollars. This gives the impression that their product is being sold under the true cost of a viable enterprise.
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Exactly and the medallion taxi industry is regulated by the city and fare prices are dictated by the city taxi and limo commission. Uber is not only unregulated but they can charge whatever they want.