Why would you say that it would lead to market failure? It would have led to more cabs, lower fares, and more jobs (albeit at lower wages). BTW - if it wasn't

Why would you say that it would lead to market failure? It would have led to more cabs, lower fares, and more jobs (albeit at lower wages). BTW - if it wasn't clear, I didn't write that sentence. I copied and pasted it from the nyc.gov site I linked. I'll edit my post to make it more clear. But I think it important that the regulators themselves are being honest about why the regulations came to be.