A new report says that half of New York City households don’t make enough money to meet their basic needs — including housing, childcare, food, healthcare and transportation. The number is up from 36% in 2021.
measures of poverty are widely criticized by researchers and economic justice advocates as too low and outdated, yet remain the standard measuring stick for public benefits.
Meanwhile, the “true cost of living” as tallied in the report relies on more factors and varies based on family composition and location. The report also excludes elderly and disabled adults, who may have unique expenses not fully captured in the “true cost of living.” She attributes the stark rise in the cost of living since 2000 to the city’s aim to lure more out-of-town professionals, and the resulting transformation of the rental market to cater to them. Meanwhile, she said the city underinvested in boosting job growth for existing residents.With the onset of the pandemic, rampant death and the ruptured “fabric of families” only added to financial precarity, she said.
According to the report, the share of struggling households was even higher for immigrants and people of color: 64% of non-citizen households; 65% of Latino households; 60% of Native American households; and 58% of Black households didn’t make enough money to cover their basic needs. That’s compared to less than half of U.S.-born households and less than one-third of White households.
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