Uber CEO: NYC ride-hailing regulations ‘malarkey’

Dive Brief:
Uber CEO Dara Khosrowshahi said Thursday New York City’s decision to extend its cap on the number of ride-hailing vehicles permitted to operate is making mobility unavailable in some parts of the city.

New York’s Taxi and Limousine Commission (TLC) voted earlier this week to extend the cap brought in last summer, and also cut the amount of time drivers spend without passengers in their cars ā€” known as deadheading ā€” from 41% to 31%. On Uber’s Q2 2019 earnings call the company reported quarterly losses of $5.2 billion in part due to stock buy-backs after its initial public offering (IPO). Khosrowshahi said price increases due to the rules are hitting lower-income parts of New York hardest.