From Foundation for Economic Education:
On Friday, Uber and Lyft may exit California, which will leave hundreds of thousands of drivers unemployed and millions of Californians chasing more expensive cabs. ...
In September of 2019, the California state legislature passed AB5, harshly restricting independent contracting (the gig economy). ...
By requiring ride-sharing apps such as Uber and Lyft to reclassify their drivers as full employees, the law mandated that the companies provide healthcare and benefits to all the drivers in their system and pay additional taxes. ...
Legislators didn’t realize the drastic implications their legislation would have...
UPDATE FROM TODAY's WSJ: Lyft just suspended service in California. Uber estimates show why: it would raise fares and lose a lot of work if the California rules go into place. Note: Demand for Uber and Lyft has already collapsed due to the virus. Now California is kicking them.
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