Breaking the Taxi Medallion Oligopoly (In 3 minutes 8 seconds)

Newsweek reports:

At a New York City Council hearing on Wednesday morning, city lawmakers met with members of the Taxi Limousine Commission, Uber, Lyft, black car and livery service to discuss e-hailing technology. This is the first time such a hearing has been held by the Transportation Committee. Rachel Holt, regional general manager of the East Coast for Uber, revealed in passing that wait times for Uber vehicles were under five minutes in the outer boroughs of New York, to the surprise of council members and hearing attendees. “Hmm, really? Quick,” whispered a woman.

In fact, the median wait time for an Uber vehicle is even shorter than five minutes: exactly 3 minutes, 8 seconds in outer boroughs. In Manhattan, it's just 2 minutes, 25 seconds.