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From the article “This Chart Shows the Slow Death of the NYC Yellow Taxi” by Nick Lucchesi:
A new chart released this week shows that the New York City taxi cab is not only an endangered species but that its days are numbered. Today, there are 65 percent more ride-hailing trips than taxi trips in New York City (see chart above).
Genius employee and data-visual enthusiast Todd Schneider pulled from the reams of data released by the New York City Taxi & Limousine Commission each month that shows fares by car type — taxi or ride-hailing service. His analysis shows the tide has turned: At the end of 2017, all monthly ride-hailing pickups (Uber, Lyft, Juno, Via, Gett) numbered 15 million, while taxi pickups numbered less than 10 million. As use of yellow taxis (which primarily serve Manhattan) and green taxis (which primarily serve the other four boroughs) has been on the decline, there’s been a sharp increase in the use of ride-hailing apps.
The chart above shows the data behind one of the most dramatic changes in America’s largest city over the past five years. The way people in New York (tourists and locals alike) get around has flipped, and it doesn’t show any sign of stopping, according to Schneider’s analysis.
Related: According to the most recent monthly report from the New York City Taxi and Limousine Commission for taxi medallion sales in February, most of the medallion sales are now foreclosures (24 out of 37) and one medallion sold for only $125,000. The January report was equally as bleak — one taxi medallion sold for $120,000 and the majority (47 out of 62) were listed as either bankruptcy or foreclosure sales. As recently as August 2014, NYC taxi medallions were selling for $1 million, just as the ride-hailing revolution was beginning (see chart) and Hurricane Joseph Schumpeter started disrupting the NYC transportation market with a very large, once-in-a-century tsunami of creative destruction called “The Uber Effect.”
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