Struggling New York City taxi drivers are getting debt relief.
City officials say 225 million dollars in debt has been wiped out for about one thousand taxi medallion owners in the first couple weeks of a debt relief program. This is after the city struck a deal with the largest medallion lender. Head of the Taxi Workers Alliance Bhairavi Desai says this is a game changer for an industry that’s been really struggling in recent years.
“That is 225 million dollars that will now go to groceries and healthcare and housing.”
There are about two thousand medallion loans still eligible for refinancing but the deadline is October 7th.