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NYC Taxi Drivers ‘Win Historic Victory’ As City ‘Agrees To New’ Debt Relief Measures

Published Thursday, November 4, 2021
by Democracy Now
NYC Taxi Drivers ‘Win Historic Victory’ As City ‘Agrees To New’ Debt Relief Measures

(NEW YORK CITY) - New York City Taxi Drivers are celebrating a major victory after the city agreed to restructure medallion loans, which could eliminate millions of dollars in devastating debt.

Under the agreement, individual debts will be maxed out at $170,000, down from an average of about half a million dollars.

The city will also give the main lender a cash payment for each indebted driver and guarantee every loan.

Taxi Drivers had been on hunger strike for two weeks before the deal was announced.

“This is a historic moment,” Bhairavi Desai of the New York Taxi Workers Alliance said. “These terms mean that over (4,000 to 6,000) families can get their life back.  These terms mean that our Brothers and Sisters will no longer have a lifetime of debt.”

To Directly Access This Labor News Story, Go To: www.democracynow.org/2021/11/4/headlines/nyc_taxi_drivers_win_historic_victory_as_city_agrees_to_new_debt_relief_measures

Click here to read Democracy Now’s recent interview with New York Taxi Workers’ Desai and with two people who joined the hunger strike.

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