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Yellow cabs in New York City have been a symbol of the city for decades. But taxi drivers only make up 10% Of the driver’s total space in the city – give way Uber And Lift.
While this is due in large part to consumer choice and the ease of ordering a shared car, it is also the result of the difficult working conditions faced by taxi drivers. They work an average of 9.5 hours a day, 6 days a week, according to National Library of Medicine. Additionally, when driving a taxi, drivers are required to own or rent a medal, which can cost a fortune.
Medals reached an exorbitant price tag of over $1 million in early 2010 after being artificially inflated by predatory lending, luring scarce assets, and intentionally overpaying industry leaders.
Prices later fell with the rise of Uber and Lyft causing great suffering for drivers who have their own medallion. the Corona virus disease And the pandemic has made matters worse as taxi drivers are almost non-existent.
“With the government shutdown of many cities due to the COVID pandemic, a lot of drivers have moved to different work areas,” said David Doe, commissioner of the New York City Taxi and Limousine Commission.
Now, taxi drivers are fighting for space in the industry while they recover from the medals crisis and the COVID-19 pandemic.
So, will taxis survive the changing industry?
Watch the video to learn more.
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