De Blasio Backs Taxi Medallion Relief Plan, But Taxi Drivers Group Revolts [View all]
NEW YORK — Richard Chow has been taking part in demonstrations demanding debt relief for beleaguered taxi drivers ever since his brother, a fellow cabbie, took his own life.
Both men took out huge loans against the value of their taxi medallions before the taxi industry and medallion values collapsed amid competition from Uber and Lyft.
"The total I owe Marblegate, about $390,000, I owe them," he said.
Marblegate is an asset management firm that is the largest holder of medallion loans
Chow says he’s been unsuccessful in his attempt to refinance his debt. He says Marblegate asked for a $25,000 down payment to restructure the loan.
Read more: https://www.ny1.com/nyc/all-boroughs/traffic-transit/2021/03/10/nyc-taxi-medallion-relief-plan-new-york-taxi-workers-alliance-says-it-is-not-enough
= new reply since forum marked as read