The city should not have allowed these medallions to become investment vehicles.
Taxis are unpleasant so I’m not too sad they are dying off, but I’m concerned about other areas where the city creates artificial markets that don’t make sense over time.
I definitely feel bad for them but they're responsible for their own decisions...They took the risk to invest into a medallion with the expectation of a return. But if the end result is crappy, it's part of the expectation.
City should refund costs of medallions with a difference in the expected NPV vs. the current economics of medallions.
If medallions were worth $500k+ back then, how much were these cabdrivers making on their rides to make this profitable?
Similar article about NYC: https://news.ycombinator.com/item?id=19955489
oh no that sucks
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This is just anecdotal, but I’ve found yellow cabs in SF in the past 4 years to be some of the worst cab experiences I’ve had anywhere. Drivers saying things that make me really uncomfortable, or seeming a little unstable, also driving more recklessly than the typical Uber or Lyft driver. To the point where even if I’m in an area like fisherman’s wharf now where yellow cabs are plentiful, I’d rather walk a couple blocks to a side street and call a rideshare car than take a taxi.
I know Uber and lyft are a bit unpopular on here these days but from my perspective as a rider, even aside from the convenience of hailing a ride anywhere, they are just such a better experience on average than taxis. The rating system seems to be a much stronger incentivizer of good behavior than the old fashioned taxi regulations were.