There’s so many bullshit arguments thrown around surrounding Uber, it’s refreshing to hear the real reason that cabbies hate the company: it’s killing their revenue, and the value of medallions.

A suit filed today against New York City and its Taxi and Limousine Commission claims has a few bones to pick: regulators have allowed Uber to infringe on the territory of regulated industries, and also haven’t regulated Uber while it competes with regulated taxi companies.

The end result, which is fairly indisputable, is a fall in medallion prices. For companies that lease medallions or lend against them, that’s a fairly catastrophic outcome, and one that they’re willing to sue for. Specifically, the lawsuit is asking for compensatory and punitive damages. A previous lawsuit in Queens County along similar lines was dismissed, so it’s unclear how exactly this battle against technology is going to go.

[Reuters]