IN EARLY NOVEMBER, after 46 days of picketing and 15 days of hunger strike, members of the New York Taxi Workers Alliance won what they deserved all along: a measure of relief from the vast debts incurred when the inflated value of their city-issued medallions crashed in recent years. Under a three-way agreement among the NYTWA, the de Blasio administration, and the city’s largest medallion lender, drivers—who owe, on average, $550,000 each—will see their debt written down to $170,000 and amortized so that monthly payments don’t exceed $1,122. Most important, the city will guarantee each of these rescue loans in the event of default.
It was only fair that the city agree to back the loans. The Taxi and Limousine Commission had, in recent decades, driven the value of a…