New York City officials and advocates propose that its yellow cab drivers adopt surge pricing to compete with ride-sharing companies including Uber and Lyft.
January 31, 2020, 7:28 PMThe proposal, introduced by the New York City Council Friday, is part of a $600 million bailout plan to level the playing field with competitors such as Uber and Lyft.officials and advocates proposed Friday that its yellow cab drivers, who are struggling with growing debt from taxi medallions that have plummeted in value, adopt surge pricing to compete with ride-sharing companies including Uber and Lyft.
The 76-page report said at least 950 medallion owners have filed for bankruptcy, and the financial burdens have led to some of the drivers taking their own lives.Taxis are seen here in NYC in this undated stock photo.
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