The following excerpt is from an article that originally appeared on Hit and Run
Taxi companies that sued the state of Georgia over a 2015 law allowing ride-sharing services to operate in the state got laughed out of the Georgia Supreme Court this week.
Their case, such as it was, went like this. Back in 2015, the Georgia state legislature enacted changes to the state’s laws governing taxi companies, allowing ride-sharing services like Uber and Lyft to operate for the first time. Prior to that, taxis had enjoyed a pretty sweet monopoly in Atlanta, where the number of taxi medallions had been capped at 1,600 for more than two decades. That artificial limit on the number of taxis, naturally, had caused the value of those medallions to skyrocket, making them valuable investments. One medallion was sold for $80,000 (and that’s actually cheap compared to the value of taxi medallions in bigger cities like New York, where they can be worth more than $1post was originally published on this site