Andrew Cuomo Unveils Real Agenda to Tackle Cost of Living in New York City
“Working New Yorkers are getting squeezed out of this city and it's going to require more than bumper sticker slogans and pie in the sky ideas that are unworkable, unrealistic and unachievable. We need to help them without subsidizing the wealthy and this plan does just that, addressing rising costs on food, providing relief on the costs of transportation, raising wages and providing tax relief to those who need it the most.” - Governor Andrew Cuomo
View Cuomo's Power Point Presentation Here
New York City, NY – Governor Andrew M. Cuomo, candidate for mayor of New York City, today unveiled a real agenda to tackle the rising costs in New York City focused on the New Yorkers who need relief the most.
Consumer prices in New York City rose nearly 22 percent since 2019—outpacing wage growth and deepening the affordability crisis. The price of goods has risen 56 percent in the New York metropolitan area over the last decade. To confront this, Cuomo laid out a multi-pronged plan to make life in the city more affordable for working people in every corner of this great city.
“Working New Yorkers are getting squeezed out of this city and it's going to require more than bumper sticker slogans and pie in the sky ideas that are unworkable, unrealistic and unachievable," Governor Cuomo said. “We need to help them without subsidizing the wealthy and this plan does just that, addressing rising costs on food, providing relief on the costs of transportation, raising wages and providing tax relief to those who need it the most.”
Key Initiatives in Cuomo’s Plan to Combat Rising Costs:
Full Fair Fares for Low-Income Riders: The plan includes full fare coverage on buses and subways for New Yorkers who make up to 150% of the federal poverty line – about $48,225 for a family of four. This would make 3.4 million subway riders and 1.3 million bus riders eligible. Currently, New York City’s Fair Fares program covers half of a bus or subway fare. It’s estimated that the Fair Fares program saves the average rider almost hundreds of dollars per year, so this will make a real difference in the affordability of life for working-class New Yorkers. This initiative will cost approximately $140 million annually.
Actually Lowering the Price of Groceries for Those in Need: With nearly 1 in 7 New Yorkers facing food insecurity, Cuomo plans to expand food subsidies by addressing the benefits cliff for those earning just above the SNAP eligibility threshold (typically 130% of the federal poverty level). Approximately 350,000 individuals just above the SNAP eligibility level will receive benefits for food support, with benefits totaling $1,200 per year for those at 131% of FPL (about $41,800 for a family of four,) scaling down to $300 per year for those earning 150% of FPL ($48,225 for a family of four). The initiative will cost approximately $250 million.
Raising the Minimum Wage to $20: Cuomo proposes a $20 minimum wage that will help boost the economy and will affect the lives of 1 million New Yorkers. The increased minimum wage will cover approximately 800,000 New Yorkers and increase wages by $5000 per year for those workers. As governor, Cuomo successfully pushed through a $15 minimum wage.
Eliminate NYC Income Tax For More Working New Yorkers: Eliminates city income tax for Families making up to 250% of FLP. That income level is about $77,000 for a family of four. The average amount of tax relief for approximately 700,000 families will be $450 a year. The cost of this initiative will be approximately $300 million per year.
Cap NYC property taxes: Caps property taxes on 1-4 family homes at 2 percent or the rate of inflation. This was done in the rest of New York State in 2012 and saved New York taxpayers $30 billion.
This is the second plank of Governor Cuomo’s agenda to help build a new New York City. Further parts of the agenda will be unveiled in the coming days.
###