Earlier quoted context omitted.
It works just fine for tourists. And regardless, creating a communist style fixed price centrally managed system is not the solution to tourists being scammed. It doesn't solve the problem, raises prices, and limits supply - it's a lose lose for everyone (except monopolists and city hall). The regulatory framework is outdated and unnecessary.
New Yorkers disagree. New York's medallion system has resulted in a world class taxi ecosystem. There are other examples as well. Are there examples of equally good taxi ecosystems in cities without regulation? Or examples of negative consequences which outweigh the good but are not generally accounted for? Evidence based arguments trump ideological arguments. You saying "it's a lose lose" or throwing the word "commu…
New York is lucky in that it has reasonably good regulation on taxis, though far from perfect - there are many underserved areas for which there is no incentive for taxis to service, and where it is illegal for other parties to service. Along with service at peak times, New York would benefit from eliminating the medallion system and instituting a simple regulatory framework where anyone with appropriate training and licensing can provide taxi service.
Uber is an example of good quality taxi service without (or circumventing) regulation, as is Lyft and the other startups. The negative consequences are obvious simply by looking at the market opportunity and demand for fixes to the broken taxi system. San Francisco suffers from insufficient taxis and an inability to adapt to demand.
The purpose of the regulations has become primarily to protect taxi unions and companies by limiting supply, not to promote safety or prevent fraud.