Cabbies Resume Protests Against Mayor's Hedge Fund Bailout Plan
9 Days of Protest!
MARCH 21 to MARCH 29, 2021
11AM Rally at City Hall Broadway and Murray
SUNDAY, MARCH 21, 2021
11AM Rally at City Hall Broadway and Murray
1PM Press Conference Calling for Senator Schumer's Intervention: 9 Prospect Park West
2:30PM Solidarity Motorcade at #StopAsianHate Rally in Chinatown: Around Columbus Park, On Mulberrry between Worth and Bayard
MARCH 22 to MARCH 29, 2021:
11AM Rally at City Hall Broadway and Murray
New York City: Yellow cab medallion owner-drivers and their families will start another 9-day stretch of protests against the Mayor's disgraceful plan which leaves drivers without debt forgiveness or protection against foreclosures and bankruptcies and fending for themselves. The protesters will drive to the home of Senator Chuck Schumer in Brooklyn, calling on the Senator to intervene to end their crisis. In February, the Senator issued a statement in support of NYTWA's campaign.
Drivers have held non-stop protests, including bridge shut downs and motorcades to DC, and were nearing victory when state Senator Jessica Ramos' bill to create a fund for a backstop to incentivize lenders to reduce loans to $125,000 at no more than 4% interest over 20 years gained momentum. In case of default, the state would cover the balance left on the loan. Lenders would have security for the $125,000 and owner-drivers would be protected against risk of losing their homes and assets and wage garnishing. Five days after publicly testifying at a state hearing that the city would work with the state on the bill, the Mayor blindsided drivers and legislators with a plan with no backstop or $125,000 maximum debt.
The drivers - a majority immigrants of color workforce - will end their day of action with a solidarity motorcade in Chinatown during a #StopAsianHate rally. Drivers just held 9 straight days of protests outside Gracie Mansion beginning on the day the Mayor's plan was announced.
NYTWA Executive Director Bhairavi Desai issued the following statement:
"It took years of our protests from bridge shutdowns to motorcades to get the City to recognize the grave crisis facing thousands of owner-driver families. But instead of putting drivers first, the Mayor's plan of loaning drivers $20,000 to restructure loans only gets banks and hedge funds an infusion of cash overnight while drivers are left fending for themselves. The city announced this plan five days after telling state Senators that the city would work with the state on a state-funded backstop plan to give drivers leverage to reduce debt to $125,000 and protect them against foreclosure of their homes as the state would act as a guarantor on the loans. The Mayor could have helped pass the state plan and then added the city's $65 million fund to give drivers more leverage and relief. Instead, the Mayor chose to undercut us and leave us in debt and vulnerable. We need Senator Schumer to intervene and stand up for us."