NEW YORK (1010 WINS) – A growing number of New Yorkers are slipping into poverty, with one in four now struggling to afford basic necessities like food, rent, and utilities as costs rise faster than wages, according to a new report.
Poverty in New York City surged in 2023, with the number of people living below the poverty line reaching twice the national rate, according to the report from Columbia University and Robin Hood, a nonprofit dedicated to combating economic hardship.
Rising costs for essentials, including food, housing, utilities, clothing, and internet, outpaced wage growth, pushing an additional 100,000 New Yorkers into poverty over the past year. A family of four renting in the city now needs $47,190 to stay above the poverty line, up from $43,890 in 2022.
According to the report, more than 2 million New Yorkers now live in poverty, including 1.6 million adults and 420,000 children. The number of children in poverty is the highest since researchers began tracking it in 2017.
Politicians have been vowing to ease some of the burden. Mayor Eric Adams has touted tax relief as a key part of his affordability agenda. His “Axe the Tax for the Working Class” proposal would eliminate city income taxes for families earning 150% or less of the federal poverty level—a measure that would cover a family of four making under $46,350 and benefit more than 429,000 New Yorkers.
“We are going to rip up the tax bill and make sure that they can put the money back into their pocket,” Adams said last year. “This is going to go to retail workers and single mothers. Because here in New York, we raise families and lower taxes.”
Gov. Kathy Hochul recently also proposed expanding New York’s child tax credit, which could benefit 2.75 million children statewide. Under her plan, eligible families would receive up to $1,000 per year for each child under four and up to $500 for children aged four to sixteen.
Despite efforts from city and state officials, the report signals worsening financial strain for low-income New Yorkers as living costs continue to climb.