“The Metropolis’s 12-month pause on new car licenses will threaten one of many few dependable transportation choices whereas doing nothing to repair the subways or ease congestion,” Josh Gold, a spokesman for Uber, stated in an announcement.

Anand Sanwal, chief government of CB Insights, a software program firm that examines know-how developments, stated the cap might impression Uber’s public providing if it reduces revenues and emboldens different cities to take comparable motion.

“If it modifications their progress trajectory, that might have an effect on their valuation and the narrative across the firm,” Mr. Sanwal stated.

Uber stated the corporate would instantly attain out to tens of 1000’s of for-hire car homeowners who’re already licensed however work for different native automobile providers and attempt to recruit them to work for Uber. The corporate stated it will additionally proceed to press for one more answer, often called congestion pricing — a proposal to toll drivers getting into Manhattan’s busiest neighborhoods and that will require approval from state lawmakers.

Many specialists imagine congestion pricing is one of the simplest ways for New York Metropolis to repair congestion and safe the funds wanted to repair the subway. Mr. Johnson helps the thought, however Mr. de Blasio has opposed it. Gov. Andrew M. Cuomo, who controls the subway, has stated he’ll push for congestion pricing through the subsequent state legislative session to assist pay for an bold, multibillion greenback overhaul plan for the subway.

The Metropolis Council accredited the cap in a 39-to-6 vote. Councilman Eric Ulrich, a Republican from Queens, stated he opposed the cap, arguing that limiting Uber to assist yellow taxis was just like regulating Netflix, the streaming service, to assist Blockbuster, the video rental chain.

The laws permits for town’s taxi fee so as to add extra licenses if there’s a clear want for extra autos in some neighborhoods. In New York, many Uber drivers work full time and town regulates Uber autos as a part of the for-hire car business, which is totally different than different cities.


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