June 28, 2017

Chicago cab report shows fast-approaching demise at hands of Uber and Lyft

Chicago taxi drivers stand holding signs and driving around City Hall refusing to take fares in protest of the granting of a city license to ride-sharing company Uber. Cab drivers say the company has an unfair advantage because they aren't subject to the same stringent regulations as the cab companies. Chicago Alderman Bob Fioretti accused Mayor Rahm Emmanuel of favoritism as his brother is an investor in the company.
By ScottMLiebenson (Own work) [CC BY-SA 3.0], via Wikimedia Commons

Survey results released by the taxi-driver union this week show the slide is real, and happening quickly.

About 42% of Chicago’s taxi fleet was not operating in March, and cabbies have seen their revenue shaved by nearly 40% over the last three years as riders instead flock to the relative ease of apps and automated payment features as they secure pickups from drivers who are using their own vehicles, the report found.

More than 2,900 of Chicago’s nearly 7,000 licensed taxis […]

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