The rise of Uber in San Francisco a decade ago marked the beginning of the end for much of the taxi industry. Taxi companies went bankrupt and drivers struggled to pay off their medallions, pushing many of them into debt.
But now, Uber sees an opportunity in the same industry it nearly destroyed. Uber has struck a deal with taxi hailing apps in San Francisco and New York that will allow riders to hail taxis through Uber’s app. Some taxi drivers see an opportunity to boost their pay; others are skeptical that the company can be trusted. So what’s really in it for Uber?
