"Mayor Mamdani described the True Cost of Living measure as 'an honest account of what it actually costs to live in this city - and who is being left behind.'"
"The inaugural True Cost of Living report reveals that 62 percent of New Yorkers, approximately 5.04 million people, do not meet the true cost of living."
"The report estimates an average annual resource gap of about $39,603 per family, highlighting stark disparities in median household net worth between racial groups."
Mayor Zohran Mamdani introduced a racial equity blueprint and the True Cost of Living measure, indicating a citywide affordability crisis. The blueprint includes targets and metrics from 45 city agencies across seven domains. The True Cost of Living, developed with the Urban Institute, shows that 62% of New Yorkers do not meet living costs, with significant disparities in household net worth between racial groups. The city will gather public feedback for 30 days before finalizing the plan.
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