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NYC Arranges $225 Million in Debt Relief for Taxi Drivers

Drivers park their taxis outside Gracie Mansion demanding debt relief in New York in October 2020.

Drivers park their taxis outside Gracie Mansion demanding debt relief in New York in October 2020.

Photographer: Paul Fragipane/Bloomberg
Updated on

New York City has arranged over $225 million in debt relief for more than 1,000 taxi medallion owners to aid an industry battered by competition from Uber Technologies Inc. and other app-based car services, Mayor Eric Adams said.

Last month, the Adams administration finalized an agreement with Marblegate Asset Management, the largest medallion lender in the city, and the New York Taxi Workers Alliance that offers debt relief to more than 3,000 medallion owners. Many struggling drivers can’t afford to repay expensive loans they took out from private lenders to buy city taxi-operating medallions.