More than Half of NYC Residents Live in Poverty, According to the Poverty Tracker Annual Report
Poverty in New York City is clambering at an alarming rate, affecting the city’s children, according to a new report.
More than half of New York City residents live in poverty or are earning a low income, according to the Poverty Tracker Annual Report from Columbia University and the philanthropic organization Robin Hood.
The city’s poverty rate spiked from 18% to 23% and the number of New Yorkers surviving in poverty went from 1.5 million to 2 million between 2021 and 2022, setting a record of the largest single-year jump in poverty rates in 10 years.
The child poverty rate also increased by 66%, citing factors such as the end of pandemic-era policies which included the Child Tax Credit and federal stimulus payments.
“A clear path out of poverty requires a stronger safety net— and a policy of real investment in families with universal childcare,” Roberto Cordero, executive director of Grand Street Settlement, a nonprofit organization in New York, said in a press release. “One hundred percent of the 18,000 New Yorkers we serve at Grand Street are low income due to low wage jobs, inflation, and the cost of quality childcare and housing.” he added.
According to the report, Latino residents are more vulnerable towards poverty, compared to white residents, mentioning 26% compared to 13%.
Poverty in New York City is almost twice as high as the national poverty rate, which stands at 12%.
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