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