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Financial Proof that Uber is Destroying Taxi’s

February 27, 2015

The scariest part — for taxi companies — is the bottom part of the chart where the blue bars indicate sales coming from foreclosures.

Medallions used to confer on companies a type of monopoly or cartel — you could not operate a taxi in New York without one. Now, however, Uber lets anyone drive a taxi for the entry-level price of merely owning your own car. For many drivers there is simply no point in owning a medallion or working for a medallion company. And so the transaction value of those medallions has dropped off a cliff, even though the economy in New York has gone through the roof.

Read more: http://www.businessinsider.com/uber-v-medallion-prices-2015-2#ixzz3SwtBSmDc

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