Administration’s Historic Relief Effort Has Supported Nearly 1,800 Medallion Owners
New York City Mayor Eric Adams, New York City Taxi and Limousine Commission (TLC) Chair David Do, and U.S. Senator Charles Schumer today announced that the city’s taxi Medallion Relief Program (MRP+) has successfully provided more than $350 million in debt relief to medallion owners since the program launched in September 2022 — restructuring loans for nearly 1,800 struggling medallion owners in that time. As of January 17, 2023, $356 million in debt has been forgiven on 1,789 medallions.
These milestones represent significant progress since the Adams administration and key partners reached an agreement on the enhanced program in August 2022 and launched it on September 19, initially reaching $225 million in debt relief for approximately 1,000 medallion owners in about 10 days. The program proved so popular that TLC and its partners were closing loans every three minutes in initial weeks.
“With $350 million in debt relief for nearly 1,800 taxi medallion owners already, our administration is finally ending the taxi medallion crisis and turning the tide for hard-working taxi drivers who provide New Yorkers and visitors with both an essential and a quintessential New York experience,” said Mayor Adams. “We put the pedal to the metal with this program to reach as many medallion owners as possible, and our team has continued to bring in more participants and deliver much-needed financial relief. New York City must work for working people, and with the incredible success of this program, we are one step closer to achieving that.”
“More than $350 million of awarded debt relief is more than a number — it represents a new life for nearly 1,800 individual medallion owners who, after years of serving the public, found themselves unable to pay for the basic costs of their profession,” said Deputy Mayor for Operations Meera Joshi. “With this historic partnership, New York City’s iconic yellow cabs and even more iconic cab drivers are once again up and down our avenues and streets keeping New York City on the move.”
“It has been a truly rewarding and emotional experience watching hard-working drivers regain their hope and a sustainable income after receiving this critical support,” said TLC Chair David Do. “I want to thank all the people on the TLC team and our lender partners, who worked hard on this initiative to bring economic relief to the city’s drivers, who have always been there for the city. This time, we could be there for them.”
Since the initial agreement with Marblegate Asset Management, TLC has reached agreements with additional partners — including Pentagon Federal Credit Union (PenFed) — to deliver debt relief for medallion owners in their portfolio. Under MRP+, principal loan balances have been reduced to $170,000 from balances as high as $750,000. Monthly payments, in turn, are capped at $1,234 — down from an average monthly payment of $2,200.
The final day to enroll in the program is January 31, 2023. Owners of six or fewer medallions are eligible and may schedule an appointment online through TLC’s Owner/Driver Resource Center, by emailing driversupport@tlc.nyc.gov, or by calling 718-391-5511.
“I am proud to have worked hand-in-hand with New York Taxi Workers Alliance, Mayors Adams and de Blasio, local elected officials, and a citywide movement of New Yorkers to broker a deal with City Hall to provide life-saving debt relief for cab drivers,” said Senator Schumer. “Mayor Adams, NYTWA, TLC, Marblegate, and additional partners have worked assiduously to enact the deal we reached and have now provided critical debt relief for more than 1,700 medallion owners. Over $350 million in debt has been forgiven to date, and I encourage eligible cabbies, who work every day to serve this city, to enroll in the program before the final day on January 31, 2023.”
“Yellow cabs have always been an iconic and vital part of our city’s transportation economy, but high medallion costs stood in the way of financial stability for many taxi drivers,” said New York City Comptroller Brad Lander. “The mayor’s Medallion Relief Program made it possible for drivers to have a huge burden lifted off their shoulders, so their families don’t have to choose between making loan payments and putting food on the table.”
“The Medallion Relief Program remains a lifeline for thousands of families, and its continued success gives us more hope for the remaining lenders to come on board. We’re so thankful Mayor Adams made this serious commitment to our members, who give all they have to make our city run,” said Bhairavi Desai, executive director, New York Taxi Workers Alliance. “Our union fought for the city-backed guarantee as a solution that was life-saving for owner-drivers and sustainable for the city and lenders. We’re so pleased to see it work in real time and thank the TLC, the Law Department, and the participating lenders for their steadfast partnerships. Our attention is now focused on recruiting community banks to step forward and take over for lenders who seek to make cash settlements. This is the final piece to make all of our members whole from this crushing debt. We also call on all medallion owners to sign up with the TLC Owner-Driver Resource Center by January 31st, so we can all properly assess how many loans remain in need of debt relief. Closings under the program can then continue. We are thankful to Mayor Adams and Chairman Do for keeping the program open while we continue to get the remaining lenders on board.”
“Since we partnered with the city to launch this groundbreaking debt relief program, nearly 2,000 medallion owners have restructured their loans and realized more than $350 million in life-changing debt forgiveness,” said Andrew Milgram, managing partner and chief investment officer, Marblegate Asset Management. “I want to commend everyone who played a role in finalizing this program, including elected officials, the TLC, NYTWA, and the Field Point Servicing Team — who restructured more than 1,000 Marblegate loans in just a few weeks — to deliver this amazing win to drivers and help establish the foundation for rebuilding the long-term prosperity of taxi drivers in New York City.”
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