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.

CBSNewYork Team