How NYC Taxi Drivers Took On Predatory Lenders And Won
On November 3, New York City reached an agreement with the New York Taxi Workers Alliance (NYTWA), the union fighting to relieve drivers of thousands of dollars in debt they owe for medallions, the physical permits to operate taxis. According to the NYTWA, the average debt owed on medallions by taxi drivers is $600,000.
“Today marks a new dawn, a new beginning for a workforce that has struggled through so much crisis and loss,” said Bhairavi Desai, Executive Director of NYTWA, in a statement. “Today, we can say owner-drivers have won real debt relief and can begin to get their lives back. Drivers will no longer be at risk of losing their homes, and no longer be held captive to debt beyond their lifetime.”