The majority of the cost of a taxi is the driver. He has to be paid for a day's work, even when he spends most of that day waiting for a fare. No driver, no driver costs.
Also, many regions don't bother with the ridiculous monopoly system of "medallions". I can start a mini-cab firm in my area without any such artificial supply restrictions at all.
Also, many regions don't bother with the ridiculous monopoly system of "medallions". I can start a mini-cab firm in my area without any such artificial supply restrictions at all.