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New York City Council’s stated meeting Thursday will see a vote to approve three bills expected to bring relief to taxi drivers and medallion holders experiencing hardship from debt by fighting off predatory lending.
Took whatever governing body that makes these kinds of calls that long to make this decision? What else are they doing this whole time? They hastily decided that Nat Guard not needed during protest, riots/looting. If they can make call, surely all calls can be just as quick.
But these drivers did make their own decisions. The medallion owners were speculating, and the drivers many who came from overseas also making speculations. They can just declare bankruptcy. Perhaps go back to own country and if USA bankruptcy not as big a deal there, will have better chances at starting over.
New York City Council’s stated meeting Thursday will see a vote to approve three bills expected to bring relief to taxi drivers and medallion holders experiencing hardship from debt by fighting off predatory lending.
Response: Opinion
and on whose dime are the relief packages going to bear weight?
Unbelievable. What's the next upcoming hypothetical bunk that
needs addressing?
Covid initiated Gambling and its' resulting outrage?
New Yorker:
" I just lost 20 grand at Black Jack .....boo hoo..."
New York City:
" Here you go kid ....20 grand relief check for you suffering . Compliments of the New York Taxpayer."
The city’s Taxi and Limousine Commission voted at a Wednesday virtual meeting to approve Mayor Bill de Blasio’s $65 million grant program assisting cab drivers drowning in debt.
“This is an enormous step forward for all of us and I’m grateful that we have arrived at this juncture,” said TLC chairperson Aloysee Heredia Jarmoszuk at the agency’s monthly board of commissioners hearing Oct. 6.
The panel overseeing the city’s for-hire vehicle industry voted 5-1 to adopt rules and eligibility requirements for the so-called Taxi Medallion Owner Relief Program, or MRP, which has started sending out grants to financially-struggling owners of taxi medallions — the permit required to drive a yellow cab in the Five Boroughs.
A creditor-driven bubble inflated the price of medallions to more than $1 million until their value crashed in late 2014, and the city failed to provide checks and balanced and profited handsomely from the artificially high sales.
The price flux trapped thousands of owners with hundreds of thousands of dollars in loans, with some resorting to suicide due to deep debts.
Just eliminate the medallion system entirely. License a limited number of drivers annually based on an annual dutch auction system. The license would be good for one year, and non-transferable. To drive any kind of open market for hire passenger vehicle (think taxi, ride share, black car, limo, etc.), the driver would need this license
There would be rules about the cars themselves, but there would not be a limited number of them.
The lenders and the brokers turned the medallion market into something akin to a Ponzi scheme. There was never any way a cab with a medallion on it could generate enough cash to pay the loans the banks were issuing and the banks knew it. The only way to keep the system afloat was to keep artificially inflating the prices of the medallions, lending the owners more money on them, which they'd use to pay the loans. And this worked until the rideshare companies collapsed the cabbies cash flow and the value of the medallions.
Quote:
Originally Posted by BlakeJones
I love the master class spin than loaning huge amounts of money is characterized as "predatory"
clown world
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