City Council members hear testimony on taxi drivers’ medallion-debt crisis

The medallion itself is also losing value, as more and more app-based car services have popped up.

News 12 Staff

Jun 24, 2019, 10:01 PM

Updated 1,773 days ago

Share:

City Council members heard heart-wrenching testimony Monday from cab drivers who are hundreds of thousands of dollars in debt.
Taxi medallions, which certify that a taxi can operate in the city, are hard and expensive to get. The council members partly blamed that there isn’t proper regulation of the medallion from the Taxi and Limousine Commission, causing the debt to pile up.
The committee also said that there have even been nine drivers who have committed suicide over the fact that they couldn’t pay back the loans that they obtained in order to get the medallion in the first place. 
The medallion itself is also losing value, as more and more app-based car services have popped up.
The City Council is working to figure out a way to help the drivers and workers, even suggesting putting pressure on lenders to forgive the large debt.
Advocates have called for the value of the medallion to be determined and set, and then to have any debt owned that’s above the value forgiven.
Officials say that Monday was the first of many meetings needed to help the drivers get back on their feet.
 


More from News 12
2:00
FDNY: Dozens homeless after 5-alarm fire destroys Bushwick supermarket

FDNY: Dozens homeless after 5-alarm fire destroys Bushwick supermarket

1:35
Summerlike weather returns to NYC with temps in the 80s; cooler weather for the weekend

Summerlike weather returns to NYC with temps in the 80s; cooler weather for the weekend

2:03
New exhibit at Brooklyn Museum unveils new photos taken by Beatles' Paul McCartney

New exhibit at Brooklyn Museum unveils new photos taken by Beatles' Paul McCartney

0:32
NYPD: Suspect driver wanted for assaulting 59-year-old man in Williamsburg

NYPD: Suspect driver wanted for assaulting 59-year-old man in Williamsburg

0:23
Police: 2-car Prospect-Lefferts Gardens crash leaves person hospitalized

Police: 2-car Prospect-Lefferts Gardens crash leaves person hospitalized

0:36
Live Nation Concert Week offers $25 tickets to over 5,000 shows

Live Nation Concert Week offers $25 tickets to over 5,000 shows

2:22
Do you constantly reuse the same username and password? 6 steps to help safeguard your online accounts

Do you constantly reuse the same username and password? 6 steps to help safeguard your online accounts

1:27
Kingsboro Psychiatric Center workers demand their bosses get fired due to bullying, nepotism

Kingsboro Psychiatric Center workers demand their bosses get fired due to bullying, nepotism

2:28
Stony Brook University officials: 29 people arrested on campus as students hold pro-Palestinian protest

Stony Brook University officials: 29 people arrested on campus as students hold pro-Palestinian protest

1:51
RFK announces he has enough signatures to appear on NY ballot

RFK announces he has enough signatures to appear on NY ballot

1:46
Tenants weigh in on possible rent hikes for rent-stabilized homes

Tenants weigh in on possible rent hikes for rent-stabilized homes

1:38
Parks Department held community input meetings over new construction of skate parks

Parks Department held community input meetings over new construction of skate parks

1:27
Power restored in Manhattan Beach following 18-wheeler truck crash

Power restored in Manhattan Beach following 18-wheeler truck crash

0:34
FBI arrests Brooklyn man in Mount Vernon robbery, homicide

FBI arrests Brooklyn man in Mount Vernon robbery, homicide

1:53
Elected officials call on mayor to bring Staten Island ferry back to former Bay Ridge Pier

Elected officials call on mayor to bring Staten Island ferry back to former Bay Ridge Pier

0:31
Authorities arrest 31-year-old man in connection to fatal Williamsburg crash

Authorities arrest 31-year-old man in connection to fatal Williamsburg crash

2:19
Rent hikes may be coming for tenants in rent-stabilized apartments

Rent hikes may be coming for tenants in rent-stabilized apartments

1:54
Funeral held for DJ Mister Cee in Downtown Brooklyn

Funeral held for DJ Mister Cee in Downtown Brooklyn

1:48
Mayor's administration awards $12.3 million emergency contract to run migrant shelter in Brooklyn

Mayor's administration awards $12.3 million emergency contract to run migrant shelter in Brooklyn

1:51
Brooklyn animal shelter hopes to find pets forever homes on National Adopt a Shelter Pet Day

Brooklyn animal shelter hopes to find pets forever homes on National Adopt a Shelter Pet Day