500 million bailout for its NYC ” taxi drivers”
Actually it is MEDALLION owners who will get the bailout. Many medallion owners own multiple taxis. At one point medallions were going for $1 million. Now, with Uber and Lyft, that number is much lower. Many of the people who want the bailout are politically connected. If it was just for drivers there would be no bailout. Our prediction: It will end up much higher than $100 MM from taxpayers.
(From MSN)
Proponents of the plan, like City Councilmember Stephen Levin and New York Taxi Drivers Alliance chief Bhairavi Desai, have suggested $500 million alone from private investors, who would collect as much as 4.5% interest on the new taxi loans. Still, Levin and others on the commission acknowledged the city (THAT IS TAXPAYERS) may have to commit to covering as much as $100 million in future losses to attract investors to potentially risky loans.
Reprinted from: https://www.ac2news.com/2020/02/500-million-bailout-for-its-nyc-taxi-drivers/
