That's not really the case in a lot of places - drivers 'rent' medallions from Taxi companies, as the medallions cost many times the annual income of a driver. Although, their value is droppnig due to ridesharing apps.
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It's called Uber Pool, and Lyft Line.
Now it's more correct to call it a "ride hailing" platform, but the original term still sticks.
Anecdotally, the taxi company owning the medallion are not allowed to rent them: so instead they rent cars to their contractors, and lend the medallions to their renters.
This doesn’t stand up to scrutiny. I often work as a contractor. If I decided one morning to send a friend into a clients office to fulfil my duties, I would not even expect them to be able to gain entry to the building.
It’s a pretty ridiculous assertion to claim that you must be able to sub-contract to be a contractor, and I’d be surprised if there was even one jurisdiction in the world where that was true. It would mean you could never screen contractors.
Uber's model prohibits drivers from subcontracting (transferring) their rides to others, which pierces the veil of 'independent contractor': either a contractor can subcontract, or they're not a contractor.
Caveat: This is not at all a complete argument for or against taxis or gig economy, but is meant to show how a division exists between the two to permit further consideration of the ruling.