John Marman and Natsumi Makiyama, a therapist and pediatric nurse, live in San Francisco with their two children. Despite earning a combined income just under $235,000, they feel financially squeezed. San Francisco offers free child care to families of four earning up to $235,000 annually and subsidizes care for those earning up to $325,000.
The A. I. boom has driven up prices citywide, exacerbating the affordability crisis. Rents have shot up 26 percent in the past year, with a median two-bedroom apartment costing $4,640.
Home prices top $2 million. The couple bought a home three years ago for $1.3 million. They pay $6,400 monthly mortgage and $2,200 for car expenses.
After groceries, insurance, and utilities, they struggle to save. Mr. Marman notes they are "definitely thinking about not using too much" food. Without the child care benefit, they would likely have to leave the city where his family has lived for five generations.
Source: New York Times Top Stories · Summarized by HeadlinesBriefing