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NYC True Cost of Living Report: 62% of New Yorkers Cannot Meet Actual Cost of Living

April 29, 2026NYC Mayor's Office of Equity & Racial Justice / Urban Institute Official
Read the full story at NYC Mayor's Office of Equity & Racial Justice / Urban Institute
Summary

Mamdani's Preliminary Citywide Racial Equity Plan, released April 6 and re-elevated this week as part of the budget messaging cycle, frames "true cost of living" against an Urban Institute methodology that pegs the threshold at $159,179 for a family with children — well above traditional poverty lines. The administration uses the 62% figure to argue for the pied-à-terre tax, PTET reform, and the FY27 spending framework. Critics argue the methodology redefines poverty in a way that produces eye-catching headline numbers; the fact-check rates the underlying claim "misleading" because the threshold is not the federal poverty line.

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