Over $350 million of taxi medallion debt has been forgiven under the city’s Medallion Relief Program for distressed cabbies, Mayor Eric Adams announced Tuesday.
Nearly 1,800 cabbies with loans from Marblegate Asset Management have seen their loans restructured, wiping $356 million in debt from the books and enabling more financial stability for the mostly-immigrant taxi driving workforce.
“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,” Hizzoner said in a statement.
