Elected officials celebrated Thursday after the City Council on Wednesday approved a one-year cap on ride-hailing vehicles in the city.

Mayor Bill de Blasio and City Council Speaker Corey Johnson led a rally in Union Square. 

The council passed a number of measures despite opposition from Uber and Lyft.

New for-hire licenses will not be given out for one year while a study is conducted on the ride-hailing industry's impact on the city. 

The measures also establish a minimum wage for drivers, which will likely be about $17 an hour.

The mayor tried to push for similar legislation a few years back but faced huge opposition from Uber and riders.

"Three years ago, we took a stand against corporate greed, but corporate greed won the day then. Well this time, the people won," de Blasio said. 

"This package will not cure congestion completely, but it's a much-needed start," Johnson said. "It's just logical that if you stop adding 2,000 new cars a month to the street, it will have some effect on congestion."

Uber and Lyft say the license cap will cause wait times and prices for rides to increase.

Supporters of the bill say it will reduce congestion and boost the struggling yellow cab industry.