New York Taxi Drivers and 50 Elected Officials Reject ‘Bank Bailout’
New York Taxi Drivers and 50 Elected Officials Reject Banker Bailout“
Elected officials from the New York State Assembly, State Senate, and City Council announcement their support for a city-backed guarantee on the Taxi Medallion debt, rejecting Mayor Bill de Blasio’s bailout plan, and some of them joined the New York Taxi Workers Alliance (NYTWA) at a conference release on October 13. Drivers have been protesting for weeks, calling for a better plan for taxi drivers.
Taxi drivers face a crisis. Years of heavily inflated medallion prices have prompted taxi drivers, most of whom are immigrants, to take out mortgages worth hundreds of thousands of dollars to purchase one of the coveted 13,587 taxi medallions in the city. But competition from Uber and Lyft caused the value of a $ 1 million locket in 2014 to drop to just $ 125,000 the following year. The pandemic has put a strain on yellow cab drivers financially, and many now owe more than the value of their medallions. This debt has been devastating for many, with the union saying some taxi drivers have even committed suicide Therefore.
Mayor’s plan involves $ 65 million driver relief fund, Pix 11 reports. This initiative would provide up to $ 20,000 in loans with additional debt payment assistance, which drivers could repay at 0% interest.
But NYTWA calls this plan a “lender bailout” and calls for debt forgiveness.
Minnesota businesses are not on the path to racial equity
Despite big commitments to racial equity, only one of Minnesota’s 20 largest companies has taken the first step and conducted a racial equity audit, the Minneapolis / St. Paul’s Business Journal reports.
Several companies, including UnitedHealth Group, General Mills Inc. and Ameriprise Financial, declined to comment. Others did not respond or confirmed that they had not carried out audits. Only Ecolab Inc., which provides water, hygiene and infection prevention solutions, has performed an audit – twice, in fact, in 2018 and 2020.
Audits are the first step towards a commitment to fairness. Without it, companies “are just trying to avoid liability, they are trying to answer a math problem without looking at the equation,” said Jade Ogunnaike, senior campaign manager for the nonprofit. Color of change. “It speaks to people who are really doing extremely superficial racial equity fixes.”
Racial equity audits have yielded results. Airbnb, for example, announced a new policy in 2016 following an audit that would require the company to help all customers who report discrimination find another place to stay. Their anti-discrimination product team also changed the algorithm so that hosts can only see photos of their guests after reservations have been made.
And businesses can legally benefit from it as well. Laura Murphy, a former ACLU employee who conducted the audit at Airbnb, says it can help better protect businesses “mitigate the risk of lawsuits, regulatory sanctions, congressional investigations.”
Philadelphia to support city’s environmental needs with its first green bank
Philadelphia Green Capital Corp. (PGCC) is the first green bank, reports Generocity.
Green banks refer to non-profit organizations that focus on funding clean energy initiatives in their community. Access to green energy is an environmental equity issue, as nearly half of all black families across the country experience energy instability.
So far, PGCC has announced plans to work with the Philadelphia Energy Campaign to help create 10,000 jobs and invest $ 1 billion in clean energy initiatives. He will also work in tandem with local residents to better understand the city’s needs, and commercial property owners for better access to low cost loans that will allow them to turn their properties green.
Adding a green bank will also benefit the city’s lofty goals, with Mayor Jim Kenney announcing he wants Philadelphia to be carbon neutral by 2050.
Solcyra (Sol) Burga was a member of the Emma Bowen Foundation with Next City for the summer of 2021. Burga is completing her degree in Political Science and Journalism at Rutgers University, with the intention of graduating in May 2022. As a Newark native and immigrant, she hopes to raise the voice of underrepresented communities in her work.