November 4, 2021
Members of New York Taxi Workers Alliance have been on hunger strike for two weeks outside of City Hall to #EndCabbieDebt. These hardworking drivers found themselves buried under a mountain of debt when medallion prices skyrocketed just ahead of the introduction of a ridesharing model here that cut their incomes sharply. NYTWA cofounder Biju Matheu explained to the Gazette that post-9/11 the City sold medallions to raise revenue and that many drivers soon found themselves half a million dollars in the red. Nearby, more than a dozen drivers on hunger strike sat huddled in the chilly twilight awaiting the announcement that finally came: their demand for debt relief had been met. They won.
According to a news release from City Hall, “Under the agreement, Marblegate will restructure outstanding loans to a principal balance of $200,000, which will be constituted as a $170,000 guaranteed loan, plus a City grant of $30,000. The terms of the new loan will include a 5% interest rate and a 20-year, fully amortizing term. This restructuring will cap debt service payments at $1,122 per month for eligible medallion owners.”
Read all about it here and here.