1) Less people getting rides as the cost will now be more expensive
2) Less available driving jobs because Uber and Lyft aren't going to allow everyone to drive at this rate
In the long term:
These companies will leave the state. This is most likely spearheaded by the Taxi unions. The unions that kept shitty taxi companies afloat through decade long monopolies and expensive medallion systems.
But don't worry, in 10 years, we will have our shitty system back because there will be another monopoly and no reason to actually innovate.
I don't see how that would be the case long term, $32/hour is higher than minimum wage ($15/hr) but the settlement only seems to apply to time with a passenger.
If passenger load is less than 50% then it drops down to or lower than minimum wage.
In the short term:
1) Less people getting rides as the cost will now be more expensive 2) Less available driving jobs because Uber and Lyft aren't going to allow everyone to drive at this rate
In the long term:
These companies will leave the state. This is most likely spearheaded by the Taxi unions. The unions that kept shitty taxi companies afloat through decade long monopolies and expensive medallion systems.
But don't worry, in 10 years, we will have our shitty system back because there will be another monopoly and no reason to actually innovate.
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