New York City votes to cap Uber, Lyft vehicle licenses


(Reuters) – The New York City Council on Wednesday agreed to cap the number of licenses for ride-hailing services such as Uber Technologies Inc 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 that also includes setting a minimum wage for drivers.

The package, opposed by major ride-hailing companies, is aimed at reducing traffic congestion and increasing driver paychecks in the wake of the explosive growth of for-hire vehicles. The…



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