Mayor Adams: $225 million in taxi medallion debt erased
NEW YORK -- More than 1,000 taxi medallion owners are getting much-needed financial relief.
Mayor Eric Adams says $225 million was wiped off the books to ease the financial burden on taxi drivers.
"Recent years, the medallion owners and drivers have been burdened by crippling debt, and we did not want to sit on the sideline and watch this continue to happen. It's crushed dreams, and it crushed families," Adams said Friday.
READ MORE: NYC, TLC and Taxi Workers Alliance announce historic deal on medallion debt relief
Drivers took advantage of the medallion relief program that restructures their loans so the debt is more affordable.
A medallion is essentially a permit to operate a taxi in the city.
