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“The way finance and tech are growing today, coupled with wage stagnation for most workers, makes the post-pandemic NYC economy more polarized than ever,” James Parrott, senior advisor to the New School’s Center for New York City Affairs, told The City Reporter.
The city’s top 1% of earners, or some 40,700 millionaires, captured most income growth over five years. Since 2019, the rate of income growth has ramped up for the city’s wealthiest, while it has slowed for the 99%. Wall Street profits are heading for record levels with the frenzy around artificial intelligence technology.
Meanwhile, poverty has reached a record high for the third consecutive year in 2024, double the national rate. Cash assistance enrollment has climbed steadily as more people rely on the safety net, but thousands are losing benefits due to federal cuts to Medicaid and work requirement restrictions on food aid.
“There is no immediate relief. People are challenged. And the jobs that are paying a better living wage are hard to come by these days,” said Lakisha Morris, division director for food and housing stability at Catholic Charities.
A high near 84 and cloudy before becoming mostly sunny during the daytime. A low near 70 and partly cloudy at night. Chances of showers and thunderstorms throughout the day.
MTA 🚇
Midday in the Bronx, Woodlawn-bound 4 trains skip 170th Street, Mt. Eden Avenue and 176th Street. Find all the MTA’s planned changes and the latest delays here.
Two additional people died from this summer’s outbreak of Legionnaires’ disease on the Upper East Side, bringing the total death count to nine, two more than in last year’s similar outbreak in Harlem, city health officials said Friday.
“We mourn each loss, and our hearts are with their loved ones,” Health Commissioner Alister Martin said in a statement. “These cases were diagnosed weeks ago, and the source has been eliminated.”
More than 90 people were sickened in the Upper East Side outbreak, which officials first detected on July 2 and declared quelled by that month’s end. Martin said Friday that while no one had been diagnosed or reported new symptoms in more than three weeks, officials were still monitoring for anyone who may have gotten ill, including one person who remained hospitalized.
“Our investigation continues as we analyze samples collected from cooling towers and patients,” he said, referring to building cooling systems where tests showed Legionella bacteria grew before spreading as contaminated mist.
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