AGENCY TESTIMONY
Development of the true cost of living measure
0:20:10
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68 sec
Sherman explains the city's efforts to produce its first true cost of living measure, as mandated by the charter, to provide a more comprehensive understanding of what it takes to thrive in New York City.
- Describes the measure's focus on capturing costs beyond basic poverty calculations, including emergency preparedness and economic stability
- Highlights the potential for the measure to inform state and national policy priorities
- Mentions the timeline for providing updates and sharing the full report in 2025
Sideya Sherman
0:20:10
Simultaneous to the city wide racial equity planning process, we are also working to produce the city's first true cost of living measure.
0:20:17
As outlined in the charter, the New York City true cost of living will establish what it costs to live in our sending you with dignity without consideration of public, private, or informal assistance.
0:20:27
Recognizing the inadequacy of the federal poverty measure.
0:20:31
The true cost of living measure will move beyond basic calculations of poverty to capture what it costs to meet base needs, weather emergencies, and have the economic stability needed to plan for one's future.
0:20:44
This measure will analyze costs across various household size sizes, age groups, and essential areas of need to create a comprehensive understanding of what it takes to thrive in our city.
0:20:55
As 1 of the first cities to produce a measure of this type, New York City's true cost living measure can help inform state and national policy priorities and help us further advocate for the needs of working people in our city.
0:21:07
We are committed to getting this right and taking the necessary steps to develop the measure carefully, including leveraging local and national research.
0:21:14
We look forward to providing an update later this year and sharing our full report in 2025.