It sounds just as bad as New York City. I'm getting my UK settlement visa within the next month and will be back on job market, definitely not looking forward to this!
Taxi cab drivers, in NYC, who own their medallions have taken out huge loans in order to obtain the right the drive people in New York City. They can't just "retrain"/find another job when they've got to continue driving 12 hours a day just to make ends meet and pay off their loan.
You can talk about valuations or Google becoming a cheeky competitor to Uber but there are some deep economic implications. Millions of cab drivers or anyone who drives for a living will be losing their jobs, as a result of this.