Drivers plagued by debt on taxi medallion purchased at inflated rates before the expansion of Uber and other e-hail services will have their loans capped at $170,000 under an agreement reached by the city with its largest medallion lender, Mayor Bill de Blasio said Wednesday.
As part of the agreement, Marblegate will reduce driver debts to $200,000, while city coffers chip in another $30,000, the mayor said in a statement released with the New York Taxi Workers Alliance, whose members pushed for a city-backed guarantee on their debts during a two-week hunger strike that began Oct. 20.
“Owner-drivers have won real debt relief and can begin to get their lives back. Drivers will no longer be at risk of losing their homes, and no longer be held captive to a debt beyond their lifetime,” said NYTWA Executive Director Bhairavi Desai.
12 comments:
Great. Go into business and if it doesn't work out have the city be responsible.
Bottom line, Caveat Emptor.
Zohran will take credit for this no doubt
Rather bail them out than bail out banks and property developers.
I know who's the happiest of all: the owners of Marblegate Asset Management LLC.
Not just cab drivers.
Huge HUGE Tax handout (reward) to 1,500 Journalists working for local Media Companies.
A former co worker still at "30 Commie Peacock" just told me. Its being added to the The Reconciliation Bill page 1,957 section 138516 would create a tax credit for select journalists, news organizations, including newspapers and broadcasters such as radio and television:
My Translation, am I right: ?
American taxpayer to subsidize Democrat allies under the guise of helping "struggling local journalists" with billion to $$ media companies (AKA like members on the Mayors office of Media and Entertainment) will also receive a piece of these rewards.
Not a boo in the news, I did find out its going to be page 1,957 section 138516 of the current Reconciliation Bill to be rushed rammed through when session wants to go home for holidays.
You know these assholes wont or arbitrate 2000 pages by Holiday session closing, the just want to stamp and do home for Turkey & Partys.
My source is usually very reliable and never wrong. Perhaps JQ or somebody knows how to access read & verify this sneaky fast one.
-Joe
Another banker bailout. Same shit since 1913: Free money from the Fed, nonexisting underwriting, borrowers go tits up, banksters go waa waa waa "blood in the streets if we don't get saved" government rapes the tax donkeys up the ass to provide "debt relief... Which means banks get made whole. Fucking shit system
Let's go Brandon!
Yeah baby
https://nypost.com/wp-content/uploads/sites/2/2021/11/lauren-boebert-dress_01.jpg?quality=90&strip=all
https://www.youtube.com/watch?v=qr_F_XQrukM
@Adriatic Hillbilly
Yes. The bankers are REAL the slave owners!
Anonymous said...
Great. Go into business and if it doesn't work out have the city be responsible.
Let's not forget the City was pocketing a cool million per medallion at the height of the market. And then the City allowed Uber to run amok below 96th Street thereby destroying the value proposition. This is not a bail out. It is a refund of an overcharge. And it's no where near enough.
The medallions became a sunk cost due to Uber and Lyft. They needed to be refinanced. Taxi drivers were committing suicide.
Fuck the cabbies. They never wanted to drive out to the wilds of Queens, Brooklyn or the Bronx and then they cried that Uber and Lyft was stealing their customers. If they were too stupid to see that the city was outlandishly overcharging for the medallions in the first place, it shouldn't fall on the taxpayers to bail their dumb asses out.
"Let's not forget the City was pocketing a cool million per medallion at the height of the market. And then the City allowed Uber to run amok below 96th Street thereby destroying the value proposition. This is not a bail out. It is a refund of an overcharge. And it's no where near enough."
Agreed.
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