New York taxis are fighting for survival against Uber and Lyft

Yellow cabs of New York have been a symbol of the metropolis for decades. But taxi drivers make up only about 10% of the total number of drivers in the city – inferior Uber and Elevator.

While this is largely due to consumer choice and the ease of ordering a rideshare, it is also a result of the harsh working conditions of taxi drivers. They work an average of 9.5 hours a day, six days a week, according to the Journal of Transport & Health. In addition to driving a taxi, drivers must have or rent a medallion, which can cost a fortune.

In the early 2010s, medallions reached a high price of more than $1 million after being artificially inflated through predatory lending, the allure of a rare asset, and deliberate overpayment by industry leaders.

Prices subsequently fell with the rise of Uber and Lyft, much to the chagrin of drivers who owned their own medallion. The Covid pandemic has made the situation even worse as there are almost no taxi drivers left.

“With government shutdowns in various cities due to the Covid pandemic, many drivers have moved to different jobs,” said David Doe, commissioner of the New York City Taxi and Limousine Commission.

Taxi drivers are now fighting for a place in the industry as they recover from the medallion crisis and the Covid-19 pandemic.

So will taxis survive in a changing industry?

Watch the video to learn more.

The fix: New York taxi drivers work an average of 9.5 hours a day, six days a week, according to the Journal of Transport & Health. An earlier version incorrectly attributed information.