City Council to Review NYC's Debt Relief Program for Taxi Medallion Owners

By
Stephen Nessen
WNYC News | Oct 7, 2021

New York City is beginning to work with yellow cab drivers who took out unfavorable loans during the height of the taxi medallion boom. But many of the drivers don't like the city's plan.

The city is offering to help drivers work with lenders to restructure their loans. But drivers say they’re still left with up to $2,000 dollars in monthly payments, which they say is too much.

The initiative comes after the medallion market crashed due to the rise of Uber and other ride-hailing apps. 8 drivers took their own lives in 2018, citing the crippling debt they faced. A New York Times investigation revealed how much the city profited as the value of taxi medallions soared to more than a million dollars.

They're currently worth around $100,000.

The City Council will hold a hearing on the city's debt relief program on Friday.

 

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Stephen Nessen

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