NYC Comptroller Scott Stringer Supports Proposed Plan From New York Taxi Workers Alliance

NEW YORK (CBSNewYork) — New York City’s comptroller is supporting a proposed plan for taxi medallion debt relief.

Dozens of yellow cab drivers rallied near City Hall on Thursday.

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The proposal — made by the New York Taxi Workers Alliance, the union for drivers — calls for lenders to reduce outstanding loans to a maximum of $125,000.

Dozens of yellow cab drivers rallied near City Hall on Nov. 12, 2020, to support a proposed plan for taxi medallion debt relief. (Credit: CBS2)

Medallion owners would be allowed to repay loans with interest rates capped at 4% and monthly payments at less than $800.

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“We have a moral obligation to the drivers to make this right. We must relieve the suffering. This breakthrough proposal for the Taxi Workers Alliance offers a responsible and necessary approach to reduce the crushing debt for drivers,” Comptroller Scott Stringer said.

Stringer also says the proposal offers a comprehensive risk management approach that could reduce future liability and costs for taxpayers.

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