New York halts new ride-hailing licenses in blow to Uber, Lyft

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New York on Wednesday became the first major U.S. city to pause issuing new vehicle licenses for Uber, Lyft, and other ride-hailing services.

The City Council overwhelmingly approved capping the services for a year while the city’s Taxi and Limousine Commission examines the industry. The legislation also authorizes the city to set drivers’ minimum pay rates.

New York’s aggressive move poses a new obstacle to Uber’s efforts to move past recent negative publicity about its corporate culture, and continue to grow.

Uber has been valued at $62 billion, and is aiming for an initial public offering of stock next year.

Corey Johnson, the City Council speaker, said the bills would help lift low driver wages and “stop the influx of cars contributing to the congestion grinding our streets to a halt.”

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