Relief is coming for thousands of debt-ridden New York City cab drivers working to cover the monthly costs of their taxi medallions.
New York City taxi drivers and their supporters demanding debt relief rally during the second week of a hunger strike outside City Hall on October 31st, 2021.New York City taxi drivers and their supporters demanding debt relief rally during the second week of a hunger strike outside City Hall on October 31st, 2021.Thousands of debt-ridden New York City cab drivers will finally see relief through a city-backed loan program starting next month, Mayor Eric Adams announced on Tuesday.
The city has also agreed to make $30,000 down payments on the loans and pick up the cost of the medallion loan if the owner defaults on it.on Tuesday after finalizing with the New York Taxi Workers Alliance – the union that represents drivers – and Marblegate – the largest taxi medallion lender in the city.
The higher rates will make the monthly payment cap $1,234 instead of previously agreed upon $1,122. To offset that added cost, the program has extended terms from 20 to 25 years. For drivers, who previously had debts averaging $550,000 with $3,000 monthly payments, the deal is a weight off their shoulders.
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