An interesting development in the ongoing Uber vs. Taxi battle – an UberX now costs less than a standard yellow cab ride in the five boroughs.
As part of a promotion, Uber is dropping fares on their UberX (privately driven car) service so that it undercuts the equivalent trip on a New York yellow cab. New York’s Taxi and Limosuine Commission and Uber have a long, fairly acrimonious history, but this latest move has even broader consequences.
As Zero Hedge shows, the price of a New York City taxi medallion has skyrocketed in recent years – and you can bet that the parties who have invested in these medallions will be pushing back fiercely against Uber’s latest price cut.