NEW YORK (CBSNewYork) — Cab drivers will hold a victory rally Tuesday at City Hall to celebrate financial relief from taxi medallion debt.
Their union reached an agreement with the city and a major lender last week.
All medallion loans will be restructured to a maximum of $170,000, and monthly debt payments would be capped at 1,100.
The value of taxi medallions collapsed after Uber, Lyft and other ride-hail companies entered the market, leaving many cabbies burdened with debt and even driving some to suicide.
from CBS New York https://newyork.cbslocal.com/2021/11/09/taxi-drivers-victory-rally/
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