Mike Isaac’s Super Pumped (p. 146) summarizes the “financial ruin” that car services and taxis faced when Uber entered their market and destroyed the value of their permits and medallions. Quoting from driver Doug Schifter’s suicide note:
When the industry started in 1981, I averaged 40-50 hours. I cannot survive any longer with working 120 hours! I am not a Slave and I refuse to be one.”