FY 2024 Budget Raises Minimum Wage to $16 in New York City, Long Island, and Westchester and $15 Elsewhere in the State, Followed by $0.50 Annual Increases in 2025 and 2026, Ties Wages to Consumer Price Index
Adds $391 Million for New York's Emergency Rental Assistance Program to Support Thousands More Tenants and Families, Including New York City Housing Authority Residents and Section 8 Voucher Recipients
Expands Empire State Child Credit to Children Under Four, Supporting Nearly 630,000 Additional Children
Includes $1.1 Billion in New Funding for the MTA and Off-Peak Subway Service Improvements to Reduce Stress for Working Class Commuters
Governor Kathy Hochul on Thursday, May 4, highlighted FY 2024 Budget investments to support workers and make New York more affordable. The Budget includes investments and initiatives to address the affordability crisis by supporting working class commuters, expanding the Emergency Rental Assistance Program, expanding the Empire State Child Credit to children under the age of four, and giving New Yorkers a pay increase by raising the minimum wage and tying it to the Consumer Price Index. Governor Hochul was joined by leaders of organized labor and local elected officials at today's announcement.
"From raising the minimum wage giving hundreds of thousands a raise to expanding child care for families, we are taking transformative action to address rising costs of living and provide economic relief for New Yorkers," Governor Hochul said. "We will never waver in our efforts to build a New York that is more livable and more affordable for the New Yorkers of today and tomorrow."
The cost of living for working families in New York State has risen significantly in this year alone. A recent Ford Foundation report found that 50 percent of all working-age New Yorkers are struggling to afford their basic needs. Latino, Black, and immigrant New Yorkers, as well as households with children are disproportionately impacted by the increased cost of living. In response, Governor Hochul fought to implement transformative measures in the FY 2024 Budget to deliver economic security to New Yorkers.
The transformative initiatives and investments included in the Budget to support workers and make New York more affordable include:
- $25 million in recurring support for additional Support Abortion Access Services
- Youth Jobs Connector program to provide robust educational support and job training to unemployed and underemployed young people ages 16 to 24 and prepare them for the job market
- Raising the State's minimum wage and then tying it to the three-year moving average of the CPI-W for the Northeast Region to make sure New Yorkers' paychecks reflect the rising cost of living
- $391 million to New York's Emergency Rental Assistance Program to support additional tenants and families, including NYCHA and other public housing residents and recipients of federal Section 8 vouchers
- $50 million for a Homeowner Stabilization Fund to finance home repairs in 10 communities across the state that have been identified as having high levels of low-income homeowners of color and homeowner distress
- Expanding the Empire State Child Credit (ESCC) to include children under four years of age, which provides $179 million in total support for over 525,000 low and middle-income taxpayers thanks to the inclusion of nearly 630,000 additional children
- Increasing public assistance recipients' access to education and training opportunities by eliminating the requirement for education to be combined with other activities after 12 months of post-secondary education
- Mitigating the public assistance "benefits cliff" by disregarding income earned by recipients through workforce training programs and for six months after job entry, eliminating a key barrier to workforce participation for low-income New Yorkers
- $65 million to reduce the proposed fare increase on the MTA from 5.5 percent to 4 percent and $35 million in safety investments to protect riders