A few years ago, I heard Travis Kalanick, the founder and former chief executive of ride-sharing company Uber, speak to a group of Boston business leaders. He predicted a world in which "traffic wouldn’t exist" within five years. Last week, New York City passed a package of bills limiting new for-hire vehicles operated by Uber and its rival Lyft, in part to study whether ride-hailing has actually made traffic worse. The number of these vehicles on the road has nearly doubled in New York since 2015. Mayor Bill de Blasio signed the new law, which will also raise pay for drivers, in front of cheering union leaders and traditional cabbies under pressure from these services. Uber, meanwhile, announced second quarter losses and increased spending in the "general and administrative" area, which includes the money it sets aside to wage legal battles. They will need it. New York is only the latest city, following London, Paris and a number of others, to put restrictions on ride-hailing, whic...

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