An Edina investment firm that holds loan debt for hundreds of New York City yellow taxicab drivers announced Tuesday that it will join a debt relief program after cabbies drove 1,200 miles to Minnesota in protest.
Edina firm joins NYC yellow cab debt relief after protest convoy comes to Minnesota
The cabbies traveled 1,200 miles to make their case.
March 29, 2022 at 5:08PM
The convoy of 18 cabdrivers arrived in Minnesota on Monday night to talk with O'Brien-Staley Partners (OSP), which holds 323 loans for taxi medallions, which serve as permits to be a licensed cabdriver in New York. Medallion debt averages $550,000, according to the New York Taxi Workers Alliance union.
"We entered Minnesota with heavy hearts but will leave with relief, joy and endless hope," the union's executive director, Bhairavi Desai, said in a statement.
OSP said in statement that it "understands the difficulties facing borrowers," so it will begin to process hardship application requests and stop repossessing medallions.
"OSP is committed as a firm to the iconic New York City yellow cab driver-owners and looks forward to the stability this agreement will bring."
Senate Majority Leader Chuck Schumer, a New York Democrat, worked with both parties to reach a solution, he said in a statement Tuesday.
"I commend OSP for engaging in good faith towards a shared goal of restoring stability to the medallion market. … I believe today's deal will go a long way towards delivering true relief to all New York cabbies."
The proposal suggests removing the 20-year protection on the Superior National Forest that President Joe Biden’s administration had ordered in 2023.
