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NYC votes to cap Uber, Lyft vehicles

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New York City Council yesterday passed regulations on ride-hailing companies that cap the number of vehicles on the road for one year.

The order also requires companies such as Uber and Lyft to pay drivers a minimum wage.

A study by The New School for the TLC found app-based ride services account for 80,000 vehicles in New York City and provide 17 million rides per month.

"Our city is directly confronting a crisis that is driving working New Yorkers into poverty and our streets into gridlock," New York Mayor Bill de Blasio said in a statement. "The unchecked growth of app-based for-hire vehicle companies has demanded action – and now we have it."

Read more from CNBC.

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