People adapt, consumers too. If Uber or Lyft were to vanish from the face of the earth tomorrow due to regulations, some other business would probably pick up where they left, serving the demand - because after all, there is demand for ride-hailing services.

Question is, how much are consumers willing to pay?

Perhaps a robust safety net is in order so folks don't have to be exploited in order to afford food. Or better laws.

Yeah but that's a separate conversation from whether this new regulation is a good one in the real world, where the safety net is not very good.