Indeed, it is the medallion holders -- who miss their extremely safe investment that used to return 7%+ (NYC medallions did significantly better than the 7% average) for years on end... it was a great place to sink a lot of money, very safely, protected by a government monopoly.

For a few decades medallion holders won, taxi drivers and taxi riders lost. Competition in a market that has been free of it for a long time will always be extremely disruptive.