Back in 2011 Uber launched in New York City as a scrappy tech start-up that was hoping to disrupt the billion-dollar taxi industry. And disrupt it they did.Within 6 short years, Uber drivers were doing more trips per day than the iconic New York yellow cabs. That sent the cost of a taxi medallion, the transferable permits that allow taxicabs to operate in New York, plummeting down from the $1 million+ they cost at their peak to closer to $100k today.
A taxi truce
So it's something of a surprise that Uber has just announced a deal to list the city's taxicabs directly through the Uber app, ending more than a decade of fierce competition between Uber and the taxi companies.
Once launched, the integration means 14,000 taxis will be able to take trips from Uber customers through the app. That seems like a win for the tech company at a time when demand (and prices) have been surging, but it also means more potential customers for the taxi drivers, who are set to be paid at the same rate they always have been for any rides.
