Civil rights advocates are urging the city to delay the vote which, if passed, would cap the number of for-hire drivers for one year.
Mayor Bill de Blasio, who has championed. He said he intends to sign the bill.
The first such cap by any major USA city was part of a package of measures that also includes setting a minimum wage for drivers.
Ride-hailing companies aren't exactly pleased.
"The City's 12-month pause on new vehicle licenses will threaten one of the few reliable transportation options while doing nothing to fix the subways or ease congestion", Uber said in a statement to FOX Business. They say the growth of ride-hailing apps has also worsened traffic congestion.
But Councilwoman Laurie Cumbo, a Democrat, said Uber will still be available despite the moratorium on new cars. The Council's newly imposed minimum wage will assist the company in those efforts, he said.
'Uber as you know it is going to be Uber as you know it, ' Cumbo said.
The City Council is expected to vote today on a proposed cap on ride-share vehicles. But critics said it will make it harder, and more expensive, to get around.
Uber has blazed the trail for the ride-hailing industry by ignoring local regulations, clashing repeatedly with city governments and often threatening to shut down service in response to legislation. Six city taxi drivers have committed suicide in recent months under the financial pressure, according to the New York Taxi Workers Alliance.
New Yorkers who regularly rely on Uber, Lyft and other ride-hailing services to travel around the city's five boroughs may find the apps less convenient in the next year.
The cap was given support from New York's taxi industry, which has seen wages falling and drivers expressing concern over long-term employment. "We can not allow the so-called "gig economy" companies to exploit loopholes in the law in order to strip workers of their rights and protections". Officials have pushed for congestion-based pricing and measures such as ride-hailing revenue taxes - that aim to capitalize on the growth of ride-hailing to supplement public transit. Lyft has acquired the Motivate bike-sharing company.