But it's easy to blame the regular taxi drivers because they are completely at fault. They could have increased the number of taxis, but they thought having a monopoly would make them richer. They could have provided better service, but they didn't want to. Now they have true competition, and their way of life is being erased because they don't want to admit that they are at fault.
I'm glad that ridesharing, be it Lyft or Uber or whoever else comes up, has destroyed the taxi industry. It's a great example of how fragile a monopoly is and how terrible service gets perpetuated by monopolies and lazy people.
And that will increase the supply of taxis and dilute wages. We are in a time, when even doctors control the supply of their kind so that they can have profitable careers.
>>Now they have true competition, and their way of life is being erased because they don't want to admit that they are at fault.
They have no competition. Unless Uber finds another set VCs to raise another $10 billion or so. And then VCs should be ok to not see a dollar of profit in return. Or Uber will have to raise its rates higher than regular taxis, and of course severely restrict the supply(You can't raise rates, with a oversupply of vehicles). Either option creating a system worse than taxi medallions.