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Ride-hailing car with Uber and Lyft stickers in NYC. Photo: Spencer Platt/Getty Images

Uber has filed legal action against the city of New York over a law it passed last year capping the number of ride-hailing cars allowed on its street, fearing the city may make permanent the initial 12-month pause, according to court documents.

The big picture: Ride-hailing companies have aggressively pushed back against regulations. In 2015, New York Mayor Bill de Blasio tried to impose a cap, but dropped the plan after pushback from the companies (namely, Uber which created a publicity stunt in its mobile app as protest).

  • Uber's lawsuit stems from the mayor's comments three weeks ago on a radio show, during which he said that he wants to make the vehicle cap permanent instead of the agreed-upon 12 months to conduct a study of ride-hailing's impact on street congestion.
  • The law was passed in August 2018 as part of a package that included a minimum wage for drivers. Ride-hailing companies Lyft and Juno recently filed lawsuits against the city over the pay requirements, while Uber says it's supportive of the rule.

From an Uber spokesperson:

"The City Council’s new law guarantees a living wage for drivers, and the administration should not have blocked New Yorkers from taking advantage of it by imposing a cap. We agree that fighting congestion is a priority, which is why we support the state's vision for congestion pricing, the only evidence-based plan to reduce traffic and fund mass transit."

Go deeper: NYC votes to cap ride-hailing cars and set minimum driver wage

Go deeper

Fed chair says low interest rates aren't driving stock market prices

Jerome Powell. Photo: ANDREW CABALLERO-REYNOLDS / Getty Images

Federal Reserve chairman Jerome Powell told reporters on Wednesday that rock-bottom interest rates aren't playing a role in driving stock prices higher, while noting that vulnerabilities to the financial system are "moderate."

Why it matters: The statement comes amid unshakeable stock prices and a Reddit-fueled market frenzy — prompting widespread fears of a bubble and the role monetary policy has played in that.

2 hours ago - World

Biden freezes U.S. arms deals with Saudi Arabia and UAE

Trump struck several large arms deals with Mohammed bin Salman (L) and Saudi Arabia. Photo: Kevin Dietsch-Pool/Getty Images

The Biden administration has put on hold two big arms deals with Saudi Arabia and the United Arab Emirates which were approved in the final weeks of the Trump administration, a State Department official tells Axios.

Why it matters: The sales of F-35 jets and attack drones to the UAE and a large supply of munitions to Saudi Arabia will be paused pending a review. That signals a major policy shift from the Trump era, and may herald sharp tensions with both Gulf countries.

Dan Primack, author of Pro Rata
2 hours ago - Podcasts

Robert Downey Jr. launches VC funds to help save the planet

Robert Downey Jr. on Wednesday announced the launch of two venture capital funds focused on startups in the sustainability sector, the latest evolution of a project he launched two years ago called Footprint Coalition.

Between the lines: This is a bit of life imitating art, as Downey Jr. spent 11 films portraying a character who sought to save the planet (or, in some cases, the universe).

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