City pedicab drivers are bracing for big changes.Mayor Michael Bloomberg is expected to sign into law legislation the City Council passed yesterday, putting the brakes on the once basically un-regulated pedicab industry.The new rules require both pedicabs and their drivers to be licensed and insured and require the cabs to follow traffic rules and charge standard fares. The law would also ban electric-assist pedicabs and bikes with multiple peddlers, seemingly putting an end to the controversial octopus shaped party bikes.The new regulations would allow police to keep pedicabs out of certain parts of the city.The legislation would cap the number of the bicycle-style cabs allowed in the city at 325, meaning about 175 drivers could lose their jobs.Drivers and advocates say they will fight the bill right up to the end."We want to have insurance," said pedicab driver Mega Martinez. "Most of us already have insurance. But they want us to have $2 million insurance policy for a pedicab. A taxi costs a lot more money, but their insurance is six times smaller than that. So that's not fair. We're not dangerous. We have the best safety records."While most New Yorkers have never taken advantage of the mostly tourist-driven industry, some told NY1 this morning that they think regulation is a good thing."I just think sometimes it's a little bit unsafe the way they weave in and out. They go by me when I am walking and I think it's kind of crazy. I think [regulation is good]."Supporters of the industry say the bicycles should be welcome because they are green. They don't use any gas; most operate purely on pedal power."We think that [the legislation is] anti-environment, anti-small business and completely inconsistent with the mayor's long-term sustainability initiative, Plan NYC," said Caroline Samponaro of Transportation Alternatives. "They should regulate joggers too. After all, anybody who gets exercise should be regulated. It doesn't make any sense for them to be driving around with their feet," said one New Yorker, sarcastically.The taxi cab industry is one group in support of the regulations. They have been complaining for some time that pedicabs are cutting in to their business.Pedicab drivers said they may file a lawsuit challenging some aspects of the resolution.