On Thursday, New York City became the first city
to limit the number of ride-sharing vehicles that can operate in the city, along with requiring ride-sharing companies to furnish a minimum wage for their drivers. This type of legislation has been anticipated and feared by the likes of Uber and Lyft, who lobbied
to kill the bill.
While this does not end Uber and Lyft service in the city, it will cap the number of ride-sharing vehicles available. Ride-sharing has taken off in recent years around the globe. The highest share of car sharing is happening in India
, China, and Indonesia, while Uber’s biggest market
is in the United States
and China. In the past year, Uber riders have eclipsed taxi riders with Lyft rides steadily increasing, according to data from the Taxi Limousine Commission