The Boston Globe has a libertarian editorial:
The ride-hailing industry was born out of a leap in personal technology and given a boost by the taxi industry’s complacency and greed. Boston taxis were in most cases controlled by monopolistic owners and failed to adopt even marginal improvements in customer service: Cabs were slow to adopt credit card payments, were often filthy and worn, and some drivers refused to go to certain neighborhoods. Uber and Lyft offered better services and lower prices while differing from taxis just enough to avoid running afoul of the law. As a result of all this, medallion prices are in free fall — under $200,000 , in some cases — and there’s no sign that they’re close to hitting bottom.
In a desperate attempt to stave off its demise, the taxi industry has gone to federal court and to Beacon Hill in search of help. The Boston Taxi Owners Association and two taxi license owners are seeking an order that would force the city to apply its taxi regulations to ride-hailing companies, which would effectively put them out of business in Boston. Meantime, Massachusetts lawmakers are working on legislation that would establish statewide ride-hailing rules, including rigorous background checks for drivers.
There's more:
As the judge wrote, there was never any guarantee that medallion holders would “enjoy permanent market exclusivity.” They simply bought a license to operate one of the city’s finite number of taxis, not the right to exclude new types of businesses.
How, or whether, medallion owners are compensated for their loss would, rightly, spark contentious debate. Some may have unwittingly opted into the trade on the cusp of the seismic changes brought about by Uber and Lyft. But other medallion owners reaped the benefits of market exclusivity for decades, treating customers and drivers poorly in the process. They warrant no special consideration.
Until a few years ago, owning a medallion seemed like a sure thing. The truth is, it was always a gamble, just like any other business venture. The world has changed, and the regulatory system needs to change with it.
An editorial , well worth your time. Too bad the Boston Globe editorial board doesn't take this attitude on more issues.
