Uber Is Turning Taxi Cab Companies Into Automotive Graveyards

New York City cabs operate on a medallion system, which essentially functions as a license. Companies vie for a limited number of these medallions and this regulates how many cabs are on the road. The New York City Taxi and Limousine Commission also stipulates the price cab companies can charge. But Uber and Lyft aren’t beholden to these regulations, and it’s killing the taxi industry all over the city.

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