Uber continues to destroy limo companies and taxi medallion prices. In today’s date there are more Uber cars in the city comparing to traditional yellow cabs. According to the Taxi and Limousine Commission (TLC), there are more than 14,000 Uber cars in New York City while the yellow cab numbers are about 13,000.
In 2011 the price of the New York Cab medallion was more than a $1 million. Today the price has gone down to $750,000. Medallion owners are scared that the value will continue to drop because of Uber.
Many small New York limo companies are in trouble as well. Both Uber and TLC are coming harsh on limo companies forcing them to shut down.