This is good news. What was proposed before (a price floor five times above taxis, assuredly to prevent disruption of the taxi industry) was not at all in the public's best interest.
If the taxi industry does die, cities should provide some kind of "summon-an-Uber" facility, perhaps through former payphone locations etc.
Wait, seriously? Taxis are pretty universally expensive, so it'd really surprise me if those without gainful employment were using them. Public transportation is far less costly, even if it is less convenient most of the time, so I'd figure that'd be used more in these cases.
A lot of people you wouldn't expect to be able to afford a taxi have to rely on them because they can't afford a car. It's one of the defining things about poverty, you end up spending more money on things than somebody better off because you can't afford the capital outlay to make it cheaper.
http://www.slate.com/articles/business/moneybox/2012/06/taxi...
"New York fares have gone up six times over the last 30 years, yet drivers’ real income has fallen"