Written testimony in favor of HB 1270.

Chair & Members of the Committee: I submit this written comment in support of HB1003 on behalf of Virginia rideshare drivers. Over recent years rideshare drivers have experienced substantial decline in net earnings after Uber & Lyft have switched to upfront fares model instead of time & distance model. Passenger fares & platform fees have increased. While companies frequently cite gross pay figures, Those numbers do not reflect the true costs drivers must absorb. In Virginia, the total cost of operating a vehicle for rideshare purposes including fuel, maintenance, repairs, tires, insurance & depreciation ranges approx. $0.65 to $0.75/ mile, depending on vehicle type & market conditions. Many rides share trips compensate at or below this cost, before accounting for unpaid waiting time, dead miles, traffic delays or labor. In effect drivers subsidize rides with personal vehicle equity and assume financial risks that no other transportation provider is expected to bear. HB1003 Represents a necessary step toward: 1) Increased transparency in rideshare compensation. 2) Economic sustainability for drivers. 3) Long-term reliability of Virginia’s transportation network. 4) Reduced dependence on public assistance among working drivers. The concerns raised by the drivers are supported by a recent groundbreaking research project by Columbia Business School researchers https:Sherman.medium.com/how-uber-became-a-csh-generating-machine-ef78e7a97230 I am attaching two pdf documents from Lyft showing their rate chart & costs for driving from 2024. I respectfully urge the committee to support HB1003 and recognize that sustainable driver pay is in the best interest of Virginia’s residents, workforce & economy. Respectfully Submitted, Sanjiv Vashist Virginia Rideshare Driver.