Mayor Eric Adams was joined by city officials and civic leaders at Union Settlement in East Harlem to celebrate New York State’s attempts to make key investment advances in the Fiscal Year 2023 budget in New York City’s social safety net.
Mayor Eric Adams declared, “As we chart our economic recovery, we cannot leave behind working people, who were disproportionately impacted by the pandemic. That’s why we are working in partnership with state lawmakers to expand the EITC and deepen investments in childcare as part of this year’s budget. These are concrete policies that will bolster the city’s social safety net and make a meaningful difference for working families.”
Mayor Adams released “Rebuild, Renew, Reinvent: A Blueprint for New York City’s Economic Recovery” a day before this announcement, outlining his vision for the city’s financial recovery and as well as his vision for the future of New York. The mayor called attention to two specific policy areas that his Albany colleagues are considering, both of which would assist in creating additional wealth in the hands of working New York residents and make the situation easier for people to return to work through an increase in the Earned Income Tax Credit (EITC) and increased childcare investments.
Mayor Adams proposed increasing the EITC match from 5% to up to 30%, bringing the city’s total contribution to $342 million. Early efforts by the state to match this commitment by contributing an additional $250 million to the state budget have also boosted his confidence. In almost 20 years, the city and state matching contributions to the EITC have remained unchanged. Extending the EITC will assist approximately 900,000 New Yorkers who qualify in better affording necessities such as food, rent, and utilities, and will serve to boost New York City’s economic recovery.
In addition, Mayor Adams has made a priority of increasing investments in affordable, accessible day-care for working New Yorkers. He praised the state legislature for proposing a $3 billion investment in extending childcare seats and eligibility in this year’s budget. The mayor is recommending that the state should also permit New York to provide property tax abatement for landowners who repurpose property to establish childcare centers and offer tax credits for business owners who provide free or subsidized childcare in order to ensure that this significant investment reaches those who need it most. The two suggestions would invest a total of $50 million in New York City households in the 2023 fiscal year.
