“Substantial financial restitution is owed to yellow taxi owner-drivers devastated by the city’s recklessness throughout Bloomberg’s tenure. This lawsuit is the first potential avenue toward that resolution. It is long overdue, and we hope this is just the beginning of the support drivers receive as we continue our fight for debt forgiveness and lesser monthly mortgages.
“The city, along with others, first inflated the value of yellow taxi medallions so they could raise funds on the backs of immigrant workers desperate for a way out of the low-wage economy and into the middle class.
“Many of the same individuals responsible for that inflation went on to orchestrate the unregulated entry of Uber and Lyft, who flooded the streets without limit, devastating daily incomes for every kind of driver. Thousands of drivers embroiled in $600,000 to even $1M loans were pushed into poverty, often earning less than minimum wage.”
