New York City has arranged over $225 million in debt relief for more than 1,000 taxi medallion owners, finalizing an agreement with Marblegate Asset Management – the largest medallion lender in the city – in August. Called “Medallion Relief Program+,” it allows owners to restructure their debt down to a $200,000 cap and monthly payments limited to $1,234 for no more than 25 years. The city will make a $30,000 down payment on loans and agrees to take on the cost of the medallion if the owner defaults on payments, according to Mayor Eric Adams.
New York reportedly reaped about $850 million in revenue from the sales of 1,000 medallions between 2004 and 2014, promoting them as solid investments.
Source: Bloomberg
