"The inaugural true cost of living measure found that 62% of New Yorkers, about 5.04 million people, fall short of the threshold, which reflects what families need to cover essentials."
"For families with children and adults under 65, the report put the median annual threshold at $159,197, with an average annual gap of $39,603 for those below the threshold."
"Mamdani released the affordability report alongside the city's first preliminary racial equity plan, which spans 45 agencies, more than 200 goals, and over 600 indicators."
A recent report reveals that 62% of New York City residents, approximately 5.04 million people, cannot meet the city's true cost of living. The report indicates that 3.58 million residents exceed traditional poverty measures but still lack sufficient resources. The median annual threshold for families with children and adults under 65 is set at $159,197, with an average annual gap of $39,603 for those below this threshold. Mayor Zohran Mamdani released this report alongside the city's first preliminary racial equity plan, expanding on previous work and inviting public input.
Read at www.amny.com
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