COVID Effect. NYC Clears Taxi Debts

What is happening? NYC has cleared $200 million in taxi medallion debt for 3,000 medallion holders. The taxi industry was hit hard by COVID. . 7,156 of the city’s 13,500 yellow taxis were on the streets in July. That’s down from 13, 320 in 2012.

Why does this matter? The restructuring of this taxi medallion debt provides a frame work for the raining 1000 medallion holders taxi debt.

Governing | New York City Wipes Out $200M Debt for Taxi Owners