The economy has been changing dramatically. Regulation has not kept up. A good example is New York City trying to apply minimum wage regulations to the gig economy.
New York City has become the first U.S. city to adopt a minimum wage for drivers working for ride-sharing services like Uber and Lyft. The city's Taxi and Limousine Commission has passed a requirement that “high-volume” drivers of for-hire vehicles receive a wage per trip that translates to $17.22 after expenses – roughly a $10,000 annual raise.
Read Full Article »