Fifteen days after starting a hunger strike, thousands of indebted New York City taxi drivers got the relief they’ve spent years pleading for.
Their union, the New York Taxi Workers Alliance, came to an agreement with Mayor Bill de Blasio that will slash hundreds of thousands of dollars from medallion owners’ loans.
The city’s taxi medallions were once meant to be a way for drivers to buy, operate and profit from their own cabs. But the proliferation of ride sharing services, like Uber and Lyft, have severely cut into taxi industry profits in recent years. Then predatory lending and industry leaders' driving up the medallion prices led to inflated loan amounts and crushing debt for owners. The drivers in the program, 40 percent of whom are South Asian, owe upward of $500,000 on average..
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