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by NTDF9 2758 days ago
Bureaucracy to solve a problem created by bureaucracy in the first place.

They should really have let the free market play its hand here. To take the pressure off medallion owners, add some 0.5% tax per ride and use the collections to buy out some medallions.

Setting a min wage is the wrong way to go about it. The whole point of progress is to make things cheaper.
2 comments
hndamien 2758 days ago
Why should medallion owners be protected for their investment decisions? I thought that was the gripe about the banks to (albeit - the banks are far less deserving of sympathy).
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rayiner 2758 days ago
The medallion system was a bargain: we protect you from competition, and you agree to price controls and other regulations. Taxis can't do surge pricing, for example, because the rate regulations don't allow it. So if the government is going to back out of its end of the bargain, it's not unreasonable to compensate medallion owners.
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hndamien 2757 days ago
Fair.
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NTDF9 2758 days ago
Medallion owners were suckered into "investing" in them when law mandated that taxi drivers NEED to buy them. Ideally, they should just have been asked to go through a taxi training program and asked to interview at taxi commpanies and get a job. Much like airline pilots. They are innocent humans and should be reimbursed (maybe with a haircut).

Banks need to suck it up. I don't care about them. They cal lay off some execs to make up that money if they want to.

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ec109685 2758 days ago
There is also the congestion Uber/lyft are causing that should be factored in.
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Shivetya 2757 days ago
pretty much proved to not be true or to such a small number that it matters not. it actually tends to free parking as it simply supplements a commute or drive someone would make with their own vehicle.

this is all down to a union exercising its control over city politicians and having them to their bidding by distorting the facts and attacking those facts instead of the truth

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NTDF9 2758 days ago
They are also providing employment and income to people. So, I wouldn't worry so much about the congestion impact of it. If congestion is too much, they drivers will drive slower and surge pricing will strike causing demand to drop, thus reducing congestion.
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