Uber and Lyft riders drop 15% in NYC, taxi rides soar

Uber and Lyft rides in New York City are down 15 percent over the past few months — while yellow taxi fares are up 5 percent, reversing a long-running trend.

New Yorkers took an average of 498,641 daily Uber/Lyft rides in June, but by September that number had dropped to 432,581, Commission on Taxi and Limousine data shows.

Meanwhile, yellow taxi trips increased from 94,130 per day in June to 98,724 during the same months.

New Yorkers once made about half a million taxi rides per day — until 2014, when Uber and Lyft began devouring taxi passengers.

Uber and Lyft executives have admitted that riders are facing higher prices and longer waiting times than they used to — at least in part because of a driver shortage.

On the other hand, yellow taxis are not subject to mercury “boom pricing”.

A general view of a yellow taxi in New York City and a green taxi in New York City in New York, New York on June 22, 2019.
Yellow taxis have seen a slight increase in passengers since this summer.
Christopher Sadowsky
A passenger waiting for an Uber to arrive.
Uber ride-sharing has been mainstream in New York City since 2014.
Carolyn Breemann/EPA-IVF/Shutterstock

“Demand continues to outpace supply and prices and wait times remain above our comfort levels,” Uber CEO Dara Khosrowshahi said on the company’s latest earnings call in New York.

CFO Brian Roberts said Lyft is also facing a driver shortage, in its latest phone call — due in part to pandemic federal unemployment benefits.

A general view of a woman receiving a taxi in New York, New York on September 28, 2018.
Uber and Lyft executives argue that yellow taxis are not dealing with a shortage of drivers or rising prices.
Christopher Sadowsky

“So far, riders have been relatively patient with less-than-ideal prices and service levels given they are facing across the industry,” he told Wall Street analysts.


(Visited 1 times, 1 visits today)

Related posts