Isn't the whole point that the apps limit cruising time? I recall a study that claimdd the average traditional taxi cruises for half an hour on average between each trip. Are there plans to tax traditional cabs by an amount commensurate with their cruising time? If not, this legislation seems more like protectionism for traditional cabs.
Traditional taxis already pay a steep annual franchise fee to the city (even after it was cut down on recent years, probably in part because less-taxed rideshares reduced the level of franchise fee that was supportable).
In the presence of a substitute service not subject to them, they do not.
Actually, since there seems to be both a non-automatic approval process and a franchise fee, they don't really even without such competition; the approval process shields them from competition, the franchise fee is a pure cost. (Of course, there is a linkage between the two, but as long as the process is in place, incumbent taxi firms benefit from minimizing the fee.)
The problem is that Uber/Lyft drivers "cruise" when the demand is slack rather than park.
So, for certain areas and times (generally about a hour before when that area is about to go from slack to busy), your street becomes a never-ending stream of ridesharing cars--generally doing stupid traffic maneuvers when they finally get summoned.