….But with the introduction of Uber and other rideshare companies to the city—which can operate without the expensive, city-issued medallions—Aikins has seen his clientele plummet over the past three years, making it increasingly hard to keep up with his medallion loan payments.
Across the city, the number of taxi rides dropped from 2.29 million in January 2014 to 1.1 million in January 2017, according to a report released recently by Cab Drivers United, AFSCME Local 2500 (CDU). As a result, the average monthly income per medallion has fallen by $2,000 during the same time…..
….In addition to repaying loans on their medallions, taxi operators also have to pay thousands of dollars each year in city expenses, like the ground transportation tax and medallion license renewal fee—expenses that rideshare drivers are not subject to.
CDU says the number of rideshare vehicles in Chicago now exceeds 227,000, while 42 percent of the city’s taxis didn’t pick up a single passenger this March. The union stresses that the decline of the taxi industry is a loss for the broader public. Unlike most rideshare vehicles, taxis serve people without bank accounts by accepting cash, and they also have more stringent requirements on providing access to people with disabilities…..