🚕 A New Era For New York Taxis

Sometimes business makes unusual bedfellows. Case in point, Uber and New York City taxis. After years of a contentious relationship between the Silicon Valley darling and NYC's iconic yellow cab drivers, the two have come together as rising gas prices and a shortage of drivers have put pressure on Uber to strike a deal. 

• Beginning this summer, customers in New York will be able to call one of the city's more than 13,000 taxis through the Uber app. 

• According to NPR, the partnership comes as Uber has been struggling to meet demands and taxi drivers were swallowed by debt during the pandemic. 

Uber Protests

As the New York Times details, New York City taxi medallions had been selling for as much as $1,000,000 by 2014, and drivers were being burdened with massive debts as a result. The rise of Uber during those same years, coupled with a pandemic and lockdowns that hit in 2020, pushed many taxi drivers to the brink. These drivers have long protested Uber and other ridesharing apps' business practices in the face of these financial struggles. 

The Verdict

The Uber-taxi deal certainly doesn't fully solve the problems of either party, however, it's definitely a step in the right direction for both. And if this pilot partnership proves a success, it's sure to be a model for markets around the world.