A tech company has developed a new 'Uber-like' app for yellow cab drivers in New York City.

The new app called 'Waave' is similar to Uber and Lyft, with upfront fares, no surge pricing, and an estimated time of arrival shown to customers who book their trip through the app on their phone.

Earlier this month the city council passed legislation to put a cap on ride-hailing services, which will freeze the number of licenses granted to drivers for a year.

The city argues the extra Uber and Lyft drivers increase traffic congestion and air pollution and lower the value of taxi medallions.

The tech company which developed 'Waave' says New Yorkers who use the app are the ones who care about the future of their city can play an important role in reducing issues while strengthening the well-being of the city's taxi drivers and transit system.

The app is the first ride-hailing app to connect riders to New York City taxi drivers, and it's expected to be available for download next week.