[davidf18]

Because of the limit on taxi medallions, the market value of a medallion was as high as $1.2 million. When drivers lease the medallion it can cost $125 per 12 hour shift or about $85,000 per year -- an amount Uber drivers don't have to pay and thus should result in much lower fares. Other US cities that are still expensive gave much lower fares.

Also there are many elderly on a fixed income that can't drive or negotiate mass transit easier.