If it weren't an oligopoly I'd be less inclined to endorse government interference in wage setting. I'd frankly rather the twin cities just spin up their own rideshare marketplace, they have a great carshare system[0], would love to see them expand into rideshare too.
I saw what it took to build both Uber and Lyft. I know that the government will bot be able to reproduce it in any way unless you are fine with a terrible user experience and times where no rides are available
In other words, the corrupt and awful taxi and medallion scam, all over again. I wonder how much the incumbent taxi industry had to do with this. If you want to push up competition, convince the government to force your competition, to pay their employees more than you do.
I'm specifically comparing with a very successful carshare program in Minneapolis, not getting the federal government to do it. Knee-jerk assumptions that governments are always incompetent is a great way to make them that way.
[0]: https://eviecarshare.com/