A caravan of cab drivers traveled to Minnesota in March, demanding lender O’Brien-Staley Partners/OSK come to the table and stop harassing medallion owners. The lender had been a holdout in New York City’s debt-relief deal for Taxi medallion owners, but the firm agreed to call off their repo men.
The peace agreement between the New York Taxi Workers Alliance and the lender resulted in large part from pressure put on by Senate Majority Leader Chuck Schumer and other local lawmakers, following stories in THE CITY about medallion repossessions that continued after City Hall gave the green light to the program.
Taxi & Limousine Commission (TLC) data shows there were 42 medallion foreclosures in February – after 94 in January, 87 in December and 72 in November. Records reveal there were 497 foreclosures in 2021, peaking with 119 in August. TLC figures show there were 6,734 Yellow Taxis on the road in February – just about half of the total medallioned vehicles.
The Taxi Workers Alliance had repeatedly pressed O’Brien Partners/OSK to halt foreclosures, staging several protests outside the Manhattan office of a law firm that had been sending out repossession notices on behalf of the lender. The deal that was forged put an end to the threat of foreclosure faced by medallion owners whose loans are with O’Brien-Staley Partners/OSK. It allows them to keep their medallions via previously agreed-to weekly payments, or, starting April 1, through restructured monthly payments of $1,122.
Source: The City