Uber's Fare War on New York Taxis Puts Million-Dollar Medallions at RiskBy
It’s been a great run for New York City’s taxi medallion speculators, but the party could be coming to an end. The average price fell by $5 in June—a slight decline for medallions, which trade for a bit more than $1 million apiece, but still an unheard-of occurrence in recent years. Now Uber, the nationwide scourge of taxi fleets and car services, is moving to make them worth even less by undercutting yellow cabs on price. The company is temporarily reducing New York prices on its low-cost UberX service by 20 percent and boasting that it’s cheaper than taxis in the city.
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