Chicago taxi medallion

Chicago Sun-Times file photo

Declining Chicago Taxi Business Banking On Ride-Share Limits

September 08, 2018 - 11:48 am

CHICAGO (AP) -- Chicago's declining taxi industry is hoping for some legislative help as it struggles to survive in the age of ride-sharing companies like Uber and Lyft.

The Chicago Tribune reports that almost half the city's nearly 7,000 licensed cabs are in foreclosure or idled, leading to a call for regulatory intervention to keep taxi fleets working.

One idea is to cap the number of ride-sharing licenses in Chicago, which currently sees nearly 66,000 active ride-share drivers. A similar move occurred in New York City last month in which the city approved placing a one-year moratorium on new ride-share licenses.

Two aldermen have said they're considering such a proposal, which could help taxis compete with ride-share drivers, particularly on weekends. But city officials have no plans to cap ride-sharing services right now.

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