NYC Yellow Cab Drivers Continue to Push for Relief from Crippling Medallion Debt

On Tuesday NYC yellow cab drivers gathered to continue to push for relief from crippling medallion debt. The TLC also held a public hearing on the state of the yellow cab industry

New York City yellow cab drivers, led by the New York Taxi Workers Alliance (NYTWA), continue to demand Mayor Bill de Blasio deliver on a promise to provide debt relief. The demands include capping medallion loans at $125,000 and refinancing payments related to medallion debt to less than $800 per month (20-year term). In addition, the NYC TLC held a public hearing on Tuesday regarding the current economics of the yellow cab industry. (Note: we will update this article as soon as a recording is available)

“Mayor de Blasio made a promise to deliver on medallion debt relief once federal aid started to come in. Between the last COVID bill signed in January and more aid promised by Senate Majority Leader Chuck Schumer, the White House and Congress, and the fact that there is a $40 Million surplus in the city’s Taxicab Improvement Fund, our proposal – a cost of $75 Million over 20 years – can get done right now. No more dragging his feet. No more broken promises. No more excuses, Mr. Mayor. It’s time to act for drivers who are going hungry because they were betrayed by the city and exploited by unscrupulous lenders. Our plan is good for the city, and it’s good for drivers. Our City Comptroller and State Attorney General both agree. We can’t afford to wait another day” - NYTWA Executive Director, Bhairavi Desai

Some social media snapshots below providing more images and insight.

Highly recommended and detailed link to AMNY article overviewing the situation.

The TLCMKT Newsletter is written by Dawood Mian, Founder & CEO of TLC Market. He covers the NYC ridesharing industry and related news. Search TLC Market for cars, parts, tires, mechanics, reviews & more. Find great deals at TLCMKT.COM.