The Lie: Taxi drivers are committing suicide because of competition from rideshare companies like Uber.

The Truth: New York City forced cab drivers to buy limited supply medallions in order to operate a taxi.

This artificially limited the supply of taxis, drove up costs for consumers, and drove up salaries for taxi drivers.

When Uber empowered individuals to earn a living driving without regard for the market-killing regulations, the value of the taxi medallions dropped from $1 million to under $200,000.