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NYC announces $65 million relief
for taxi medallion owners

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Posted By: Ribicon, 3/9/2021 10:28:08 PM

New York—New York City announced relief for taxi medallion owners and drivers to restructure medallion debt and offer payment support. A $65 million relief fund was created through the federal stimulus to financially support distressed owner-drivers.(Snip) “Many medallion owners are struggling and have asked for assistance from the city,” said Aloysee Heredia Jarmoszuk, commissioner of the Taxi and Limousine Commission. Up to $20,000 loans will be offered up front to restructure medallion debt and an additional $9,000 will be offered in debt payment support. Owners can pay this money back over time at 0% interest based on their individual ability, according to Jarmoszuk.

Comments:

NYC has a system wherein taxicabs must have a "medallion" license to operate, which sells for some $250,000. The debt service on the loans to buy the medallions is hurting cabdrivers during the Great Pandemic, but instead of NYC or the lenders working something out, in comes the US taxpayer to the rescue, and we don't even get dinner and a movie beforehand or a cigarette afterward. A nice thought as April 15 approaches.

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Reply 1 - Posted by: Heraclitus 3/9/2021 10:58:18 PM (No. 719513)
Really, it's courtesy of the American taxpayers. Having run the Blue states into giant eyesores of black-and-blueness. 9% of this bill goes to actual covid relief. They lie to the American people people, they lie and lie and lie, behind the mask, around the mask, above the mask slipping down over their Pinnocionoses.
7 people like this.

Reply 2 - Posted by: Trigger2 3/10/2021 3:03:29 AM (No. 719583)
Here comes the waste....
3 people like this.

Reply 3 - Posted by: mifla 3/10/2021 5:13:32 AM (No. 719607)
The state government charges an obscene amount for a license to operate and then pretends to come to the rescue with other people' money.
5 people like this.

Reply 4 - Posted by: Lazyman 3/10/2021 8:07:52 AM (No. 719727)
They should be bailing out the Buggy whip companies too. Uber, like the car that wiped out the buggy whip companies are killing the taxi industry. In capitalism, make money or die but in socialism, markets are distorted by intervention in blurring real value.
3 people like this.

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New York—New York City announced relief for taxi medallion owners and drivers to restructure medallion debt and offer payment support. A $65 million relief fund was created through the federal stimulus to financially support distressed owner-drivers.(Snip) “Many medallion owners are struggling and have asked for assistance from the city,” said Aloysee Heredia Jarmoszuk, commissioner of the Taxi and Limousine Commission. Up to $20,000 loans will be offered up front to restructure medallion debt and an additional $9,000 will be offered in debt payment support. Owners can pay this money back over time at 0% interest based on their individual ability, according to Jarmoszuk.
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