New York's Attorney General: Reluctant Scourge of the Sharing Economy

The Internet hasn’t been happy with New York Attorney General Eric Schneiderman. He went to court last week alongside Benjamin Lawsky, the state’s first superintendent of financial services, to keep ride-sharing company Lyft from launching its service in New York City over concerns about its insurance coverage. The strong move from two powerful state officials prompted a wave of criticism from those who are enthusiastic about Lyft and the broader sharing economy, a loose term for startups that connect those with a car or vacant apartment to those looking for rides or accommodations.

The attorney general “ramps up his opposition to [the] sharing economy,” complained Jeff Jordan, an investor with venture capital firm Andreessen Horowitz. “He opposes economic empowerment for New Yorkers.” (Bloomberg LP, which publishes Bloomberg Businessweek, is an investor in Andreessen Horowitz.)