Bloomberg stood up for the pedi-cabbies, but his veto was overridden.
"This legislation is designed to make pedicabs safer for passengers and drivers, and less disruptive to small businesses, pedestrians, and other vehicles," City Council Speaker Christine Quinn said.
The regulations would limit the number of pedicabs allowed on city streets to 325, which many drivers said would cause them to lose their jobs. The city estimates 300 to 400 pedicabs are operating.
Quinn added that the limit will "allow the industry to thrive, while alleviating congestion in the parts of the city most frequented by pedicabs."
Opponents said in a statement that the cap will discourage the "health growth" of the pedicab industry.
The law also includes licensing and insurance requirements, and calls on that each pedicab must post its formula for calculating fares.