The City Council approved a bill Wednesday that would limit the number of new licenses issued to Uber, Lyft and black livery cabs.

The bill is a big win for yellow cab drivers who are struggling to compete with Uber and other app-based services.

"There used to be 14,000 yellow cabs on the street and maybe 30,000 black cars," says David Beier, president of the Committee for Taxi and Safety. "There are 100,000 vehicles competing for the same number of fares and everyone's income has gone down."

The cap makes New York City the first in the country to limit the number of for-hire drivers on the streets. The City Council is also considering an increase in wages for drivers.

Opponents of the cap say it's a step backward.

A spokesperson for Lyft released a statement that reads in part, "The City Council's proposals would bring us back to an era of struggling to get a ride, particularly for those in communities of color and outer boroughs."