Catching a cab in New York City is harder than ever, and Uber is probably the reason why.
More than 10 percent of the 50,000 men and women who drive approximately 13,000 yellow cabs around NY have switched to the app-based service since June. This means fewer cabs are being hailed down in the streets, but it also means medallion prices are plunging by an average $150,000, a report by The New York Post said, citing "industry insiders."
The Taxi and Limousine Commission are being blamed for the migration by fleet owners, who have accused the TLC and its employees of supplying drivers contact information to Uber recently.
"They're leaking it," said Tony Georgiton, of Queens Medallion, which leases its cars to some 2,000 drivers, according to the Post. "It has to be somebody within the agency, within the TLC."
He believes that the data can't be coming from his company since it "closely guards" its records.
The charges of leaked contact information were called "baseless," by TLC spokesman Allan Fromberg. He added that the agency couldn't confirm whether there are fewer taxi-cab drivers however.
Georgiton's allegations come just a few days after it was reported that the Department of Investigation opened a conflict-of-interest probe into Ashwini Chhabra, who left his $160,000-a-year job at the TLC for a position at Uber.
Dimitris Tsikos, who's owned his medallion since 2012, has also accused the TLC of leaking his driver's contact info to Uber.
"I didn't give (my contacts) to anyone,'' he said, according to the Post. "It had to come from the TLC."
The price of medallions has dropped from $1.05 million four months ago to only $850,000 on average, Mitchell Reiver, of the Melrose Credit Union, said which specializes in financing their purchase.
His estimate contradicts prices listed on the TLC website, which shows a dip to $915,000.
"The TLC website has reported prices that do not accurately reflect the market," Reiver said. "I'm certain of that, but I don't know what the reason is for it."
The credit union is in the middle of negotiating a medallion sale for $825,000, Reiver said. The union has made more than $1 billion in loans for the purchase of medallions.
Since last summer, all 18 fleets that Ethan Gerber, the Greater NY Taxi Association, represents have lost between 10 and 15 percent of their drivers, according to the Post.
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