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Can NYC Taxis Survive Uber And Lyft?

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Yellow taxis are an iconic symbol synonymous with New York. But it’s a tough job with drivers on average working more than 9 hours a day, 6 days a week. Taxi’s have also had to contend with a host of other issues. Medallion prices were artificially inflated in the early 2010's due to predatory lending forcing many owner-operators into bankruptcy. The industry has also been overwhelmed by ride hailing services like Uber and Lyft which launched in New York in 2011 and 2014 respectively. Today roughly 13,000 yellow taxis compete with about 80,000 ride-share drivers.

Chapters:
00:00 — Introduction
01:57 — The legacy of yellow taxis
03:58 — The medallion crisis
08:55 — The rise of ride-hailing services
11:43 — The future

Produced, Shot and Edited by: Liam Mays
Animation: Jason Reginato
Supervising Producer: Jeniece Pettitt
Senior Producer: Shawn Baldwin
Additional Camera: Natalie Rice
Additional Footage: Getty Images, Brooklyn Public Library, New York Times, New York Taxi & Limousine Commission

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Can NYC Taxis Survive Uber And Lyft?
Category
Tech
Tags
CNBC, CNBC original, business
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