The value of a Philadelphia taxi medallion has plunged from a peak of $545,000 in July 2014 to $50,000 in March 2015. That’s a pretty shocking collapse in less than a year, and it’s pretty much all due to UberX.

Since coming to Philadelphia without regulatory approval in October 2014, Uber has pulled the safety net out from under taxi drivers and claimed their place in the city. In the Philadelphia metro area, Uber says, it now has more than 12,000 active drivers – who have taken a ride in the last 28 days – and more than half a million active riders who have used the app in the last three months. In July, Uber pledged $2.5 million to expand its service in the suburbs and subsidize surge pricing, those times when prices jump for passengers in high-demand areas. This came after SEPTA announced that a third of its Regional Rail cars would be off the tracks for the summer due to fatigue cracks in a beam and the need for emergency repairs.

For a while, the PPA tried to keep Uber at bay, refusing to legalize UberX, which allows drivers to use their own cars and personal insurance to shuttle passengers.

But in July, with the Democratic National Convention bringing in 50,000 visitors and SEPTA’s Regional Rail line in turmoil, the PPA conceded to Uber. It agreed to legalize UberX as long as the company paid $350,000 – rather than the millions in fines it had initially slapped on the company – when the state legislature comes back in session and passes regulatory legislation.

As a person who chooses to live without a car, Uber X has made my life a lot better. Taxis were an okay way to get around the busiest part of the city, and to get from the busy part of the city to the airport and back. But they were never a good way to get from a less busy part of the city back to the busy part. I got stranded many times in out-of-the-way places and/or in bad weather, when I would call for a taxi and be told by a surly dispatcher that none were available, or even after being dispatched they just never showed up. Add to that the payment hassles where you had to try to keep small change in your wallet because they often wouldn’t change a 20 and were unable or unwilling to take credit cards. Miscommunications and misunderstandings about where you wanted to go. With UberX, all of this is almost 100% solved.

Now, I will say that some taxi drivers are wonderful people. They work long hours under risky conditions. Many lift heavy luggage and are kind to children, the elderly and disabled. The problems I mention above are not the drivers’ fault for the most part. By limiting the supply of medallions, the government has produced an artificial shortage of transportation. There just weren’t enough taxis to go around, so they stayed in the busy areas where they had a better shot at making a profit and the underserved neighborhoods stayed underserved. The dispatching companies made sure it was hard on the drivers – they had to pay to lease a car for their shift, then fill it up with gas, then try to pick up enough fares to break even, and then enough to make a living. When they are honking at me or trying to run me over in a crosswalk, I try to remember that they are the victims of perverse incentives in a broken system.

So I really don’t feel too bad for the dispatching companies. They could have improved their service, or one of them could have invented UberX. But they didn’t, they just assumed nothing would ever change and they were creatively destroyed. I don’t feel too bad for the drivers who used to lease cars from the taxi companies, because they can just switch to Uber (at least until the cars start driving themselves in a couple years, I don’t think driving any vehicle is a good long-term career choice for any human at this point). I do feel sorry though for the independent driver who saved and borrowed to buy their own taxi medallion at a high price, only to find that it is now worthless and they are in debt. Although I dislike almost everything about the industry, there was an understanding that it was an industry regulated by law, and the rule of law is supposed to apply to everyone equally. I can understand some affected people feeling like the law suddenly is not being enforced evenly on all parties, and they are left holding the bag. It seems like they might have some legal recourse against the regulatory agency that chose not to enforce the law.