New York City’s yellow taxis have been a logo of the metropolis for many years. But taxi drivers solely make up about 10% of the entire driver panorama within the metropolis — giving technique to Uber and Lyft.
While that is largely resulting from client alternative and the convenience of ordering a ride-share automobile, it is also a results of the robust work situations taxi drivers have confronted. They work a median of 9.5 hours a day, 6 days every week, based on the National Library of Medicine. In addition, to driving a taxi, drivers must personal or lease a medallion, which might break the bank.
Medallions reached a hefty worth of over $1 million within the early 2010s after being artificially inflated by predatory lending, the lure of a uncommon asset, and business leaders purposefully overpaying.
Prices subsequently tanked with the rise of Uber and Lyft which triggered nice anguish for drivers who owned their very own medallion. The COVID pandemic made issues even worse as taxi hailers turned nearly non-existent.
“With the government shutdowns of various cities due to the COVID pandemic, a lot of drivers moved to different areas of work,” mentioned David Do, commissioner of the New York City Taxi and Limousine Commission.
Now, taxi drivers are combating for area within the business as they get well from the medallion disaster and COVID-19 pandemic.
So, will taxis survive the altering business?
Watch the video to be taught extra.
Source: www.cnbc.com