The median household income in Manhattan fell below $96,000, a decline of more than 11 percent, while the Bronx, the city’s poorest borough, held steady at $45,500.
Over the same period, more marginalized people faced financial challenges. More than 18 percent of New Yorkers, or 1.5 million people, were living in poverty, up from 16 percent before the pandemic, the largest increase among major cities. According to the Census, a person earning less than $15,000 a year or a family of four earning less than $30,000 last year was considered poor. The poverty rate for black and Latino New Yorkers was nearly double the rate for white residents.
Now, economic hardship is increasing demands for more public assistance. Dr. Parrott said that in July, 480,230 New Yorkers received state or federal cash assistance, a 51 percent increase from February 2020, before COVID hit the city.
This is a separate recovery on top.
Some people’s wages have increased during the pandemic, But mostly for already rich peopleAccording to Lauren Melodia, deputy economic director of the Center for New York City Affairs.
In an analysis of labor data that broke down workers into three categories, low-wage earners, who earned an average of $40,000 last year, got an average raise of $186 a year from 2019 to 2022. Each year received an average pay increase of $5,100 out of $217,000 last year, or 27 times more additional income than lower-wage workers.