New York City Council votes to limit number of Uber, Lyft vehicles

A protester holds a sign memorializing New York City taxi drivers who have committed suicide. The demonstrators at City Hall on Tuesday favor of a cap on Uber Lyft and other ride-hailing vehicles

There's also an eclipsing number of ride-hailing vehicles on the road compared to taxis: About 80,000 drivers in the city are affiliated with four ridehailing companies - Juno, Lyft, Uber and Via - according to a recent report from The New School's Center for New York City Affairs.

Mayor Bill de Blasio released the following statement, saying he is prepared to sign the bill into law: "Our city is directly confronting a crisis that is driving working New Yorkers into poverty and our streets into gridlock".

City officials said that in the intervening years the number of for-hire vehicles on the streets has surged from 63,000 to more than 100,000, forcing drivers to compete for scarce fares and making it hard for any of them to earn a living wage. The new regulations, which restrict new licenses from being issued and stipulate a minimum wage for drivers, last for one year, and are the first of their kind to be imposed in a U.S. city.

Uber was fiercely opposed to the freeze in part because ride-hailing companies rely on a business model aimed at maximizing the number of available vehicles in an effort to reduce wait times for passengers. Ride-hailing services have an estimated 80,000 of the 120,000 available for-hire vehicle licenses in NY, the companies say. The Council's newly imposed minimum wage will assist the company in those efforts, he said.

Chinese Exports Accelerate As US Prepares New Tariffs In Heated Row
Beijing is expected to hit $16 billion worth of USA goods with equal tariffs in response to Tuesday's move. The plan will impose a 25 percent tax on an additional $16 billion in Chinese goods starting August 23.

The City Council is expected to vote today on a proposed cap on ride-share vehicles.

'Uber as you know it is going to be Uber as you know it, ' Cumbo said. Critics of the cap worry ride-hail vehicles will become tougher to find and more expensive, while NYC taxi drivers, who often lament that ride-hail services threaten their earning potential, consider the vote a major win.

"It's critical for New York to regulate minimum fare rates - the only source of income for drivers - across the taxi and app-dispatch sectors, so no worker gets left behind", wrote councilmember Adrienne Adams in a New York Times op-ed. Officials have pushed for congestion-based pricing and measures such as ride-hailing revenue taxes - that aim to capitalize on the growth of ride-hailing to supplement public transit. But studies have shown Uber increases traffic congestion in major urban areas, including Manhattan, in part by pulling from more sustainable modes.

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