Taxi Drivers To Celebrate Debt Relief Deal Outside City Hall
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.
