Uber’s rise in New York City has been the yellow cab’s downfall. But could an Uber-like feature save it?
In the six years since Uber arrived in the city, summoning a car through an app has become ubiquitous—even more so than hailing a taxi from the curb. Taxis are a tightly regulated industry and their numbers have held constant at 13,587 over the last three years even as the number of cars affiliated with a ride-hailing company has ballooned. In January 2016, there were 28,781 vehicles tied to ride-hailing companies, according to data from the local taxi regulator. This January, there were nearly 50,000, bigger than even the traditional black car industry. Ride-hailing now has the most for-hire vehicles in New York City
In the meantime, the value of a taxi medallion, once a small fortune or at least […]