reason.com – Brian Doherty
Good news in Uber’s constant legal fights against regulators and existing transportation cartels in the past week, first out of New York as reported in Crain’s New York Business:
In a decision unveiled Wednesday, Queens Supreme Court Justice Allan Weiss ruled that for-hire vehicles could use electronic hails to compete with yellow cabs…
If that means yellow-cab medallions worth a collective $10 billion or so just two years ago become worthless, the judge suggested, so be it.
“Any expectation that the medallion would function as a shield against the rapid technological advances of the modern world would not have been reasonable,” he wrote. “In this day and age, even with public utilities, investors must always be wary of new forms of competition arising from technological developments.”
Categories: NYC News