Yes, that&#x27;s the story that people like Evgeny Freidman paint, when they started seeing their rent-seeking investment - buying medallions and charging drivers hundreds of dollars to rent them so that they could work - begin to drop.<p>This story shows the situation for taxi drivers, way before Uber: <a href="http:&#x2F;&#x2F;www.nytimes.com&#x2F;1995&#x2F;04&#x2F;09&#x2F;nyregion&#x2F;driving-a-taxi-difficult-in-best-of-times-gets-tougher.html" rel="nofollow">http:&#x2F;&#x2F;www.nytimes.com&#x2F;1995&#x2F;04&#x2F;09&#x2F;nyregion&#x2F;driving-a-taxi-di...</a><p>Some quotes:<p><i>The average rate a cabbie paid to take a taxi out for a 12-hour shift climbed 11 percent, to about $85, between 1990 and 1993 (...) In 1993, 32 to 45 percent of the income of a fleet or lease manager was profit, or $16,000 to $21,300 per car, up from $5,500 to $9,800 in 1986, according to the taxi commission.</i><p><i>Lease drivers rent the medallions, and usually the taxis, for a day or a week from their owners or a middleman. Depending on the owner and the night of the week, a lease driver pays $72 to $100 to take a car out for a 12-hour shift, or about $450 to $650 for a weekly lease. The driver must also pay for gas, at $15 to $20 a night. Drivers keep whatever fares and tips they collect, but they often start a day&#x27;s work $100 or more behind.</i>