The Taxi and Limousine Fee and The New York Taxi Staff Alliance welcome a large debt relief for New York Metropolis Medallion Taxi drivers after a long-awaited battle. On Wednesday, Jan. 25, New York Metropolis Mayor, Eric Adams, together with United State Senator Chuck Schumer, the New York Metropolis Taxi and Limousine Fee Chair, David Do and several other New York Metropolis public officers all gathered for the official announcement and to be an element the numerous achievement, nearly 1,800 medallion taxi drivers within the metropolis will profit from a restructuring mortgage, one in every of which all of them agreed was lengthy over-due, for the Medallion taxi drivers.
The town’s taxi Medallion Relief Program (MRP) has efficiently labored to offer $356 million in debt relief to assist relieve the struggling medallion taxi homeowners. All 1,789 of them have been forgiven with their loans.
Mayor Adams in commenting on the notable and historic achievement mentioned, “our administration is finally ending the taxi medallion crisis and turning the tide for hard-working taxi drivers who provide New Yorkers and visitors with both an essential and quintessential New York experience… New York City must work for hard working people.”
The $356 million debt relief comes because the taxi homeowners comparable to the long-lasting yellow cabs, and different iconic cab drivers within the metropolis discover themselves unable to pay for the price of their loans. The relief is a significant one as this help will forestall medallion homeowners from getting additional into their money owed, Mayor Adams mentioned.
Senator Schumer in commenting on the work that the companions labored assiduously to enact mentioned this system present life-saving debt relief for the cab drivers mentioned, “I am proud to have worked hand-in-hand with New York Taxi Workers Alliance, Mayor Adams and former Mayor de Blasio, local elected government… NYTWA, TLC, Marblegate and additional partners… to provide life-saving debt relief for cab drivers.” A number of metropolis officers additionally commented on the integral position of the medallion cabs in New York Metropolis regardless of their lengthy hours, and famous that it’s befitting that the taxi drivers be given equitable remedy. They thanked Mayor Eric Adams and his administration for his continued management in supporting the taxi drivers.
The preliminary settlement with Marblegate Asset Administration and the TLC additionally included different companions comparable to Pentagon Federal Credit score Union (PenFed). Below the Medallion Relief Program (MRP) principal mortgage balances have been diminished to $170,00 from balances as excessive as $750,000 and month-to-month funds in flip are capped at $1, 234 — down from a mean month-to-month fee of $2,200. Marblegate Asset Administration, Chief Funding Officer, Andrew Milgram, recommended everybody who performed a job in finalizing the settlement. This included elected officers, the TLC, NYTWA, and the Subject Level Servicing Workforce, which restructured greater than 1,000 Marblegate loans in only a few weeks.
In response to the chief director of the New York Taxi Staff Alliance, Bhairavi Desal, “this debt relief for the medallion taxi drivers should bring some stability to everyone including, residents and visitors to New York City.” The Medallion Relief Programalso added its name for different lenders to grow to be part of the continued effort to assist the taxi drivers in New York Metropolis.