Taxi takings? Cab companies sue.

• Author: Moore, Adrian
• Position: Citings - Brief article

Taxi companies say the profits they make when the government restricts other transportation options are a property right, and they're suing for taxpayer compensation when competition from Uber, Lyft, and other ride-sharing companies hits them in the wallet.

In most cities, taxis are regulated by a crony scheme that limits the number of taxis. Cab companies make more money because of the lack of competition, but they have to pay a pretty penny for the ability to operate: hundreds of thousands of dollars per transferable permit in most major cities, and up to $1 million in New York City.

Customers bear the burden via higher fares and crappy service...