The introduction of Uber to New York City has destabilized the taxi industry. The value of medallions has been cut nearly in half, pushing medallion owners into financial distress. Meanwhile swathes of yellow cabs are now sitting idle, as drivers flock to Uber. In an attempt to fight back, a team of taxi industry veterans are rolling out their own app, Arro, as reported this morning in Crain's. It works just like Uber, but allows users to hail a cab without the $2 fee charged by the Uber-T service. Cabs also allow users to avoid surge pricing, which can double or triple fares during peak hours in Manhattan.
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