Wednesday, October 5, 2022
No menu items!

Yellow taxi drivers reach historic agreement to relieve economic debt

Must Read

Over 3,000 medallion-owning drivers see a light at the end of the tunnel

More than 3,000 yellow and limousine taxi drivers have benefited from a historic agreement that will provide millions of dollars in debt relief for owners of medallions (special licenses to drive those vehicles).

This was announced on Tuesday by the mayor of New York, Eric Adams, and the president and commissioner of the Taxi and Limousine Commission (TLC), David Do, who announced the new agreement finalized with Marblegate Asset Management, the lender company of the city’s largest taxi medallions, and the New York Taxi Workers Alliance (NYTWA).

As announced, the agreement is an improved version of the Medallion Relief Program announced last year and thousands of taxi drivers will finally receive the long-awaited relief after many years of battle.

“Our taxi drivers are the lifeblood that keeps the heart of New York City beating. They were promised a path to a better life with these taxi medallions, but quickly found themselves falling into a pit of financial despair. The enhanced version of the Medallion Relief + (MRP+) program that we are announcing will provide life-changing debt relief for more than 3,000 drivers who deserve economic justice,” Mayor Adams said in a statement.

new conditions

New debt forgiveness terms allow lenders and medallion owners to move forward with renegotiated loan agreements, which include a city-funded loan guarantee, which will provide essential debt relief and lower monthly payments medallion owners at a critical time the industry is going through.

The City, TLC, Marblegate and NYTWA Reached New Agreement to Implement MRP+ and Restructure Outstanding Loans up to a Maximum Balance of $200,000 Despite recent economic uncertainty, significant inflation and rising interest rates, homeowners Medallions can begin the loan restructuring process immediately and begin closing the restructured loans on September 19, 2022.

“The terms of the final program represent months of hard work by the TLC, various city agencies, NYTWA representatives and the Marblegate team,” said Andrew Milgram, Managing Partner and Chief Investment Officer of Marblegate Asset Management.

monumental ad

“New York City taxi drivers are some of the nation’s most dedicated workers and are entrusted with the duty of getting passengers to their destinations safely and quickly,” said Congressman Adriano Espaillat. “Today’s announcement is monumental and sends a clear message that New York City will not leave vulnerable taxi drivers behind.”

Senator Charles Schumer said, “I am proud to have helped negotiate agreements between multiple medallion lenders and the NYTWA for much-needed debt relief for taxicab workers. The medallion debt crisis has dragged on for years, wiping out lives and livelihoods. I commend Mayor Adams for reaching an agreement to provide critical debt relief for an additional 3,000 medallion owners.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

How to run Microsoft Office on a Chromebook without installing apps

Although Chromebooks have stood out as lightweight, affordable laptops with basic features for many (their operating system is based...

More Articles Like This