Taxi drivers celebrate license caps for Uber, Lyft

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UNION SQUARE -

Cab drivers rallied in Union Square Thursday after City Council passed legislation to cap the number of ride-sharing vehicles in the five boroughs. 

Mayor Bill de Blasio says the decision will make it easier for residents who live in the city to get around.

MORE: City Council passes bill to cap number of licenses for Uber, Lyft and others

But Lyft, a major ride-sharing company, says that the cap will make it harder for residents to find rides. 

The president of the New York State Federation of Taxi Drivers says that it's too early to tell if the legislation was the right choice.

Cab drivers say they're now hoping their days of stringing together paychecks to pay bills will come to an end.

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