A week after London moved to revoke Uber Technologies Inc’s operating license, the company and its electronic ride-hailing competitors are feeling the heat in New York as city officials consider moves to regulate and control the industry.
The City Council on Monday was considering a six-month study of Uber’s impact on the traditional yellow cab business, where the value of medallions – licenses to operate taxis – has dropped by 90% in the past four years. Medallion owners and some council members say the city shouldn’t have allowed companies like Uber and Lyft to operate in New York without applying the same fees and regulations.
