2.2 million New Yorkers lived in poverty in 2024, a record 26% of the city's population, according to a new study showing the third consecutive annual increase. This marks double the national poverty rate and comes despite slower inflation and pandemic recovery. The Poverty Tracker report, tracking 3,000 households, found basic costs like housing and food rose while incomes and public benefits stagnated. 70,000 more people could slip into poverty annually due to recent federal SNAP cuts, which eliminated exemptions for adults aged 55-64, veterans, and others. Even families earning up to $100,000 struggled, with 34% unable to afford basic needs. Robin Hood CEO Richard Buery warned this widespread hardship threatens the city's economic stability, noting even those making $150,000 faced material hardships. The study highlights how federal benefit reductions are exacerbating the affordability crisis, forcing difficult choices like skipping meals despite SNAP support.

SNAP cuts and stagnant wages are key drivers of the rising poverty rate. The federal One Big Beautiful Bill Act reduced SNAP funding by 20% and tightened eligibility, requiring more recipients to work. However, most working-age SNAP recipients already work or live with a working partner. Exemptions were removed for vulnerable groups like older adults and veterans, pushing an estimated 70,000 New Yorkers annually into poverty. The city and state could mitigate some impacts through state-funded SNAP supplements, expanded housing vouchers, and increased child tax credits. The report underscores that economic hardship is now the norm, affecting nearly half of all New Yorkers regardless of income level.

The findings signal a deepening crisis for New York City's social fabric. While Mayor Zohran Mamdani campaigned on affordability, the report shows even those earning above the poverty line face significant material hardship. Martina Santos, a 67-year-old SNAP recipient, exemplifies the struggle, skipping meals to make ends meet despite volunteering to teach others how to cook affordably. Buery emphasized the crisis extends beyond SNAP recipients, impacting the entire city's economic stability. The study's long-term tracking reveals a troubling trend: poverty is not a marginal issue but one affecting a majority of residents, demanding urgent policy responses to reverse the three-year climb.