Uber is Destroying NYC Taxi Profits

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5952262922_76b6996600_zAccording to a new study, NYC tax profits after debt servicing have been steadily dropping lately.

Why? Uber, the hot on-demand car-service start-up that has been valued in excess of $40 billion — a number that keeps on rising, even as valuations fall for medallions, the license needed to operate a cab in New York.

The introduction of new, free-market-based, for-hire vehicles, for the first time in the seven-decade history of the New York City taxi medallion system, is shaking incumbent medallion owners and threatening to render the historically bullet-proof medallion a superfluous piece of tin.

Find out more at MSN Money.

Photo courtesy of: Moyan Brenn

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