This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

CHICAGO —  A new report says Chicago’s traditional cab industry is on the verge of collapse.

1500 cabs are not active because it’s just too expensive to drive them.

A medallion used to be worth $350,000 dollars, now it’s only worth about sixty thousand dollars.

The union representing taxi drivers says it’s because of competition from less expensive and less regulated ride sharing services like Uber and Lyft.

There are now more than 200,000 ride share drivers in the city and just 7,000 traditional taxis.

The taxi drivers’ union released a new study shows that more cab drivers face foreclosure and could have to surrender their medallions.

In fact nearly 800 medallions have been surrendered in the last four years.

Cab drivers are asking the city to ease regulations, like the requirement that drivers have new cars every four years and that taxes be paid up front, rather than in installments.

So far the union isn’t working directly with aldermen on new legislation.

The city says it attempts to be fair to all companies working in the ground transportation business – but says ultimately, the consumer makes the choice.