Can Uber, Lyft and company co-exist with transit?

Does anyone really think Uber or Lyft will be less expensive than transit once the venture capitalists' subsidies to undercut (and undermine) the market run out?

Heck, in NYC even the shortest, most subsidized Uber ride costs almost twice as much as a subway or bus ride. And given that most transit riders are towards the lower end of the income spectrum (even more so in other cities than in NYC), do you really think they're going to switch from $3 bus rides to $20-50 Uber rides?

The danger I see is that the upper middle class stops using transit in favor of ride hailing services, and then starts to resent their taxes funding it, leading to funding cuts, service cuts, and fare hikes - badly damaging the less well off.

The article says that there's a 3% to 6% reduction in transit usage. That's too low to mean anything yet.

The biggest hit to transit will be when such a ride-hailing service launches an autonomous electric UberPool-like service, because it could be much more effective in routing traffic than a human driver would be.

It's also funny that, right now, the article title contradicts Betteridge's law of headlines.