Nearly two million New Yorkers found themselves ensnared in the grips of poverty in 2022, marking the most significant surge the city has witnessed in a decade. According to a joint report by Columbia University and the philanthropic organization Robin Hood, the poverty rate escalated to 23% from 18% in just one year, this translates into a reality where one in four children in New York City lack access to essentials like food and housing.
This dramatic uptick in poverty levels is largely attributed to the cessation of several pandemic-era government aids, such as the expanded child tax credit and enhanced unemployment insurance, which previously provided a lifeline to low-income families grappling with escalating living costs. The report, employing the supplemental poverty measure to account for income, noncash support, and the local cost of living, paints a vivid picture of the economic inequality ravaging the city.
The disparities are especially pronounced among Black, Latino, and Asian communities, which are twice as likely to live in poverty compared to their white counterparts. This inequality extends across gender lines, with women disproportionately affected. The findings underscore an uneven economic recovery, heavily skewed towards low-paying sectors, further exacerbating the city’s socioeconomic divide.
Compounding the city’s poverty crisis is the burgeoning childcare cost, pushing an increasing number of families into financial turmoil. The temporary expansion of the federal child tax credit in 2021 had offered a glimmer of hope, significantly slashing child poverty rates, but the lack of congressional action to extend these benefits has reversed these gains.
In response to the escalating crisis, the report urges the permanent expansion of public benefits, including tax credits and rental assistance vouchers, alongside zoning reforms to bolster affordable housing supply. These measures, it argues, could provide a critical lifeline for up to 76,000 children, offering a beacon of hope amidst the city’s deepening economic shadows.
