How New York City Created the Medallion Crisis
Cornell University postdoctoral associate and former yellow cab driver Nicholas Occhiuto writes about the origins of the NYC taxi medallion crisis
By Nicholas Occhiuto, published in the New York Daily News on November 22, 2020
Last Thursday, New York City Comptroller Scott Stringer stood shoulder-to-shoulder with members of the New York Taxi Workers Alliance to offer his support of their proposal for taxi medallion relief. The breakthrough plan that he supports would give medallion owners the option of refinancing at $125,000 with restructured financing over 20 years and 4% interest, meaning a monthly mortgage of about $157.
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