Honestly, I would argue Uber advocates had a valid point. Taxi medallion laws were created to artificially screw with the market by limiting supply of taxi cabs to far below a reasonable number that would’ve been on the road otherwise. This was 100% to the benefit of the taxicab industry and came at the expense of people who wanted to ride in cabs.

I do have some sympathy for the cab drivers who used to be able to earn a better living, but the only reason that was possible is that city government gave them a sweetheart deal, which isn’t fair. It makes exactly as much sense as having barber medallions or pharmacist medallions. If they had those, it might cost $85 for a basic haircut, and pharmacist and barber medallion owners might make a ton of money (remember, you can rent out medallions, so they became investment vehicles), but those are prices we’d all be paying for.

Regulations that just pick winners and losers, making most of us the losers, are stupid - and should be loopholed-around if it’s possible.