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City Says Medallion Relief Program 'In Full Swing'

Posted by Daniel Ackman | Oct 06, 2021 | 0 Comments

Mayor Bill de Blasio announced this week that  the City’s $65 million Medallion Relief Program was "in full swing." That's true if "full swing" means minimal swing.  The city say that 57 loan restructuring deals have been approved, "delivering $10.4 million in debt cancellation to financially distressed Owners."  But there are roughly 13,000 medallions and pretty much all of them are financially distressed as the buyers tend to have loans in excess of half a million dollars and the medallions are now selling for roughly $100,000, if they can be sold at all. 

Somehow, the City says, "In total, the program could bring $500 million of debt forgiveness to thousands of Individual Medallion Owners." Even if the $65 million program does bring that level of debt relief, the total debt on medallions likely exceed 6 BILLION.

As of this week, 1,000 medallion owners have reached out and completed appointments with the TLC's Owner/Driver Resource Center, according to the City and adds that "a significant portion of the renegotiations would take place by the end of the calendar year."  By any reckoning, though, it's a fairly token gesture that is much too little, much too late. 

About the Author

Daniel Ackman

D​​an Ackman focuses on civil rights, administrative and constitutional class action litigation. Perhaps best known for representing New York City's taxi drivers in a series of civil rights class action lawsuits, Ackman's cases have resulted in a half dozen City practices being declared unconstitutional.


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