MIAMI (WSVN) — One day after the county commission voted to legalize the ride-sharing apps Uber and Lyft, taxicab companies are doing what they have threatened to do for months: they are suing the county for $1 billion.
According to taxi company owners, the medallions they bought to operate their cabs have decreased in value since Uber and Lyft were introduced to the county. The medallions used to be worth $350,000, but ever since the ride-sharing apps came into fruition, they are now worth $50,000.
Owners said the county’s decision to legalize Uber and Lyft has essentially made their property worthless, and now they want the county to pay up. They are asking for $1 billion from the county.
After the commission’s vote last night, Uber and Lyft are now able to operate legally in Miami-Dade County.