Yellow Cab Drivers Rally Near New York City Hall, Calling For Taxi Medallion Debt Relief – CBS New York

NEW YORK (CBSNew York) – The New York City Comptroller supports a proposed plan to taxi medallion debt relief.

Dozens of yellow cab drivers gathered near city hall on Thursday.

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The proposal – made by the New York Taxi Workers Alliance, the drivers union – calls on lenders to reduce outstanding loans to a maximum of $ 125,000.

Dozens of yellow cab drivers gathered near City Hall on November 12, 2020 to support a proposed taxi medallion debt relief plan. (Credit: CBS2)

Medallion owners would be allowed to repay loans with interest rates capped at 4% and monthly payments below $ 800.

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“We have a moral obligation to drivers to correct this. We have to relieve the suffering. This revolutionary proposal for the Taxi Workers Alliance offers a responsible and necessary approach to reducing the crushing debt of drivers ”, Controller Scott Stringer noted.

Stringer also says the proposal offers a comprehensive risk management approach that could reduce liability and future costs to taxpayers.

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