Medallion Debt Forgiveness Campaign Victory
After three years of direct action, including six weeks of a 24/7 mobilization that began on September 19th and a 15-day Hunger Strike which concluded on November 3rd, we won a City guarantee on medallion loans and affordable monthly payments for owner-drivers!
Under the agreement reached between NYTWA, the City of New York and Marblegate Asset Management - the largest holder of taxi medallion debt, the outstanding principal on all medallion mortgages will be restructured to no more than $170,000 per loan, with monthly payments capped at no more than $1,122.
Lean More About the Campaign Below
To solve the medallion debt crisis, NYTWA called for City backstop on medallion loans
Under our proposal, New York City would guarantee medallions that are restructured to a viable principal amount and an affordable monthly payments for drivers. The backstop would give lenders security that their loan is guaranteed while providing borrowers protection against home foreclosures and liens on personal assets in the event of a foreclosure.
We Organized to Win our Demands
Over the years, NYTWA built immense popular and political support for our medallion debt forgiveness campaign. We received support from City, State and Federal elected officials, academics, industry experts and every New Yorkers who joined our actions. Below is a sample of the support we received.
The entire New York City congressional delegation, along with Senate Majority Leader Chuck Schumer, endorse NYTWA’s proposal and call on Mayor de Blasio to add a City-backed guarantee for medallion loans. Click here to download the letter.
More than 70 New York State and City Elected Officials endorse NYTWA’s Proposal and call on Mayor de Blasio to add a City-backed guarantee for medallion loans. Click here to download the letter.
We denounced The TLC’s Sham Rule Making Process on the Medallion Relief Program
Operating at breakneck speed, without explanation, the TLC ignored the consensus of the drivers, industry experts, legal academics, local, state, and federal elected officials, prior TLC commissioners, and the City Council’s own Medallion Task Force, to fast-track a plan that drivers have near-unanimously said would not provide the level of relief necessary to keep them current in payments, avoid foreclosure, and keep their cabs on the road. Read our submissions to the TLC below.
