Car Financing

New York Taxi Workers Alliance blows up city’s $ 65 million taxi assistance fund for locket owners

The mayor’s fund is “a gift to lenders”, Bhairavi Desai, executive director of the taxi workers union, said in a statement tweeted by the organization. “It’s a cash bailout for lenders while drivers are left behind in debts, foreclosures and bankruptcy.”

The average medallion award reached $ 1.1 million in 2014.

Christopher Lynn, former chairman of the Taxi and Limousine Commission, also spoke out against the mayor’s agenda, saying relief money was not enough and bankruptcy protection was needed for residents. owners of medallions.

“I challenge anyone who has put forward this proposal to demonstrate how it will improve the financial situation of medallion owners,” said Lynn. “Loans for people who can’t repay the loans they already have – even though they’re interest-free – are really getting us nowhere. It does not matter. “

The mayor insisted in Tuesday’s briefing that a much larger relief program was not feasible and that the new program would be a step in the right direction.

“We have seen different bailout proposals. Some that would cost hundreds of millions, others that even went up to over a billion “, of Blasio mentionned. “This is not possible for New York City … but here is a way to greatly improve the situation.”

TLC Commissioner Aloysee Heredia Jarmoszuk said at the briefing that his office will continue to offer financial advice to locket owners and help them get additional loan relief from the federal paycheck protection program.

“The demand for taxi rides is already starting to increase with the reopening of our city’s economy”, Jarmoszuk mentionned. “We need the taxi industry to be healthy and ready to put more taxis on the road to meet this demand. This is how the industry will truly recover.

the New York Taxi Workers Alliance called on the state to intervene, tweeting that the fund “is a blatant abuse of the senator’s goodwill [Chuck Schumer] and members of Congress who put the money in the hands of the mayor. “

The Taxi Workers Union has come out in favor of a taxi medallion relief bill sponsored by State Senator Jessica Ramos, a Democrat from Queens.

Lizeth Beltran contributed to this report.

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