The New York City Council on Aug. 8 agreed to cap the number of licenses for ride-hailing services such as Uber for one year, dealing a blow to the companies that have relied on the largest U.S. metro area for a major source of their revenue.
The first such cap by any major U.S. city was part of a package of measures aimed at reducing traffic congestion and increasing driver paychecks in the wake of the explosive growth of for-hire vehicles and a rash of suicides among New York’s “Yellow Cab” drivers who have seen their incomes fall.
