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New York Approves First U.S. Cap on Uber, App-Based Cab Drivers

  • Council approval Wednesday marks a political defeat for Uber
  • Mayor de Blasio has said he will sign the legislation
Bloomberg business news
New York City Approves First U.S. Cap on Uber

New York’s city council dealt a political blow to Uber Technologies Inc. and other app-based car-for-hire companies by approving a one-year industrywide cap on new licenses and giving the city Taxi & Limousine Commission authority to set minimum pay standards for drivers.

The passage of sweeping industry regulations signaled politicians’ changed attitudes toward the so-called gig economy and electronic car-hailing services such as Uber, Lyft Inc. and Via Transportation Inc.