Venture capitalists spent gobs and gobs of money holding down the price of lubers and lift in the hopes that eventally they drive all the taxi businesses on out of business. The reason interest rates were low, is that in the 20 tens, demand was weak. It was not a great time for low income people to find work that paid a living wage. So in many ways, our cheap uber prices n our cheap doordash prices were made possible by this slightly predatory relationship with low income labor. And now that is changing. You see quits rising and late and job openings rising among the low income labor fors.
Venture capitalists spent years subsidizing the price of things like Uber rides and food delivery. The Atlantic’s Derek Thompson explains why they’ve stopped.
This episode was produced by Miles Bryan, edited by Matt Collette, fact-checked by Laura Bullard, engineered by Paul Mounsey, and hosted by Noel King.
Transcript at vox.com/todayexplained
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