Friday, July 19, 2024
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New York Metropolis taxis combat for survival in opposition to Uber and Lyft

New York City’s yellow taxis have been an emblem of the metropolis for many years. However taxi drivers solely make up about 10% of the entire driver panorama within the metropolis — giving method to Uber and Lyft.

Whereas that is largely attributable to shopper alternative and the convenience of ordering a ride-share automotive, it is also a results of the robust work circumstances taxi drivers have confronted. They work a mean of 9.5 hours a day, 6 days every week, in line with the National Library of Medicine. As well as, to driving a taxi, drivers need to personal or lease a medallion, which may break the bank. 

Medallions reached a hefty value of over $1 million within the early 2010s after being artificially inflated by predatory lending, the lure of a uncommon asset, and business leaders purposefully overpaying.

Costs subsequently tanked with the rise of Uber and Lyft which triggered nice anguish for drivers who owned their very own medallion. The COVID pandemic made issues even worse as taxi hailers turned nearly non-existent.

“With the federal government shutdowns of assorted cities as a result of COVID pandemic, a variety of drivers moved to completely different areas of labor,” mentioned David Do, commissioner of the New York Metropolis Taxi and Limousine Fee.

Now, taxi drivers are combating for area within the business as they recuperate from the medallion disaster and COVID-19 pandemic.

So, will taxis survive the altering business? 

Watch the video to learn more.

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