New York ride-sharing cap leads to higher prices, longer wait times: Lyft

Ride-hailing service Lyft told FOX Business that New York’s decision to place a cap on the number of Uber and Lyft cars allowed in the city will lead to higher prices and longer wait times.

“Our main concern right now is focusing on both our driver community and our passenger community in particular the passengers who live in the outer boroughs and communities of color,” Lyft Vice President of Public Policy Joseph Okpaku said during an interview on “Varney & Co.” on Friday.

The New York City Council’s vote to place a one-year freeze on new licenses on ride-sharing services will limit access to transportation, according to Lyft.

Okpaku said many minority communities have become dependent of ride-sharing services such as Lyft which has made it easier for residents to find transportation.

“I, too, have experienced those problems of not being able to get a yellow cab,” he said.

New York is the first major U.S. city to cap the number of vehicles operated by ride-sharing services, and experts have debated whether other cities could follow suit.

Since 45 states have enacted laws that recognize ride-sharing as a form of transportation that is distinct from taxis, Okpaku said, it is unlikely that other cities will take similar regulatory actions.

“We are very confident that those other markets will recognize the differences between New York and everywhere else,” he said.