The consequences are predictable: Service shortages and higher prices are inevitable when artificial caps prevent supply from growing to meet demand. Taxis experienced both problems, and now Uber and Lyft will, too.
Those high prices will only be worsened by the proposed $17.22 minimum wage for drivers—an average pay hike of more than 22 percent, some estimate. Consumers will bear that cost.
And that’s just to start.
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