Ride-hailing giants Uber and Lyft are delivering pitiful levels of take-home pay to the hundreds of thousands of US independent contractors providing their own vehicles and driving skills to deliver the core service, according to an MIT CEEPR study examining the economics of the two app platforms.
Source: techcrunch.com
A recurring theme among ride-hailing executives from the likes of Lyft and Uber is that their platforms will help reduce congestion in the world’s most populous cities. However, anyone actually living in these places will tell you it doesn’t appear to be working. Cities like New York were already clogged with taxi cabs but, instead of seeing all of these drivers buy personal vehicles to enlist as independent contractors for ride-hailing firms, Uber and Lyft brought in new drivers, more vehicles, and fresh competition.
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