De Blasio’s $65 million taxi medallion debt relief plan draws snickers from industry, NYC pols


The city is pledging $65 million toward a taxi medallion owner-driver relief fund to ensure the already ravaged industry doesn’t fall further into ruin, Mayor Bill de Blasio announced Tuesday.

The plan to relieve debt-ridden drivers, however, drew criticism from city lawmakers and industry reps who claim it doesn’t go far enough.

De Blasio said that as of this past weekend, with the $1.9 trillion stimulus bill passing, the city now has some money to dedicate to taxi drivers. The city will provide upfront up to $20,000 in loans to restructure medallion debt and up to an additional $9,000 in debt payment support. He said that they’ve spoken with various lenders and they are expected to participate.

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