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New York City narrowed the inequality gap between 2014 to 2019, defying a national trend, as the bottom half of earners steadily increased their share of income faster relative to wealthier ones, an analysis of annual state tax data by the Independent Budget Office shows.
According to the IBO, a non-partisan group, city tax filers in the bottom half of the income distribution who made about $4,400 to $37,800 saw their share of income distribution grow from 7.5% to 8.7% between 2014 and 2019. Those earning between $148,200 and $804,300 — who fall within the top 10% of earners — also saw their share increase during that time, but not as fast as the bottom half.
Sam the Eagle defiantly took care of his peeps. People are going from homeless shelters, NYCHA, etc.. into new construction luxury and other housing they never otherwise would have gotten foot past front door. There are quibbles about how affordable much of this new "affordable/low income" housing truly is, but never the less.
BdeB got NYC's and then by extension NYS's minimum wage up to nearly double, so there's that as well. Those things along with signing into law dozens of woke, liberal, progressive left laws, some bordering on lunacy and or class/race baiting have moved needle I suppose.
OTOH other things are more of a mixed bag.
Having shot city's load by forcing landlords to accept zero rent increases on RS units for past eight years when not necessary, is likely going to come back to haunt renters going forward.
LL costs have risen dramatically and are continuing to rise. It is going to be tough for RGB to justify zero to nil rent increases starting in 2022 and for years afterwards. Meanwhile many households will be feeling financial affects of Covid related fall out for years to come.
Many RS and other households were already so busted they couldn't pay rent before covid. Free money of past two years papered over that issue, but that's all over now. People who moan they can't afford modest $10-$20 per month increase in rent are going to find themselves needing to come up with a plan.
With about two weeks left in his tenure, Mayor Bill de Blasio seemed to move into his reflective phase Monday, taking a victory lap for his administration’s efforts to combat poverty during his eight years in office.
New York faced “intense” inequity when de Blasio, who campaigned on ending “a tale of two cities,” took office in 2014. At his Dec. 13 briefing, the mayor said his administration made strides to alleviate the economic and social disparities, but there remains work to be done.
“Some of the things we put in place have made some real impact,” de Blasio said. “After eight years, we can uplift working people; we can fight inequality at its core and make real change. There’s more to be done, but it works.”
In 2015, de Blasio set a goal to move 800,000 New Yorkers out of poverty in 10 years. By the end of 2019, the mayor said Monday, the city had moved 521,000 New Yorkers out of poverty.
De Blasio noted that much of the success in his administration was possible through federal cooperation.
“The progress was across the board, across ages, across races,” de Blasio said. “We believe this will continue, even after the horrible disruption of COVID, the positive trend will continue because of the child tax credit and stimulus payments.”
The Independent Budget Office reported that the bottom half of income distribution — making between $4,400 and $37,800 — saw their income grow between 2014 and 2019. Deputy Mayor Phil Thompson commended the city’s efforts, noting that the poverty rate in that time declined by nearly 13 percent.
This is the problem with data and statistics - any buffoon can spin any story they want. The Tale of Two Cities is still the Tale of Two Cities.
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Interesting...
