Proco Joe Moreno

Chicago sets rules on ride-hailing, short-term rental apps

After weeks of debate, Chicago's City Council approved compromise measures Wednesday placing at least some restrictions on two ventures at the core of the sharing economy, ride-hailing services like Uber and Lyft and short-term rental companies like Airbnb.

"This is the Jetsons. We're not going back to the Flintstones," Alderman Joe Moreno said in urging his colleagues to recognize times of have changed and embrace the rental compromise, which addresses complaints that online platforms like Airbnb are turning residential buildings into virtual hotels and party hotspots.

In a separate measure, aldermen approved licensing regulations for ride-hailing services after...