New York City taxi drivers who owe hundreds of thousands of dollars on loans they took out to operate yellow cabs will see their burdens reduced substantially under a debt relief program announced Tuesday.
Under the program announced by city officials, the New York City Taxi Workers Alliance and taxi medallion lender Marblegate Asset Management, loans for 3,000 drivers who owe an average of $550,000 will be restructured to a maximum of $200,000. Of that, $30,000 will be covered by a grant and the balance will be secured by a city-backed guarantee, the officials said.
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