Mayor De Blasio Signs Rideshare Cap Legislation Into Law

NEW YORK (CBSNewYork/AP) -- Mayor Bill de Blasio on Tuesday signed legislation putting a cap on rideshare services in New York City.

The initiative, in part, requires the Taxi and Limousine Commission to suspend issuing for-hire vehicle licenses for 12 months, allowing the city to study the impact of the industry and establish regulations.

MORE: NYC Council Votes To Rein In Ride Sharing Companies

Uber and Lyft opposed the legislation, claiming it would make it harder for customers to find rides. De Blasio has argued the companies' current business strategies are working against customers and employees alike.

"It's bad enough that our streets are clogged, what's even worse is the wages of hard working drivers have been driven down and down and down further," the mayor said.

The legislation makes New York the first city in the nation to put a limit on rideshare services.

Most of the Democratic candidates for the state's attorney general bashed the legislation at a forum on technology issues Tuesday night.

New York City Public Advocate Letitia James, U.S. Rep. Sean Patrick Maloney and Buffalo attorney Leecia Eve came out against the city's attempt to regulate the growth of app-based rides. The fourth candidate, liberal activist Zephyr Teachout, said the tech industry is very concentrated and could pose a problem.

(© Copyright 2018 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)