NYC’s Wealth Statistics: The 1%

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To be in the wealthiest 1% of New York City residents, you must have an annual income of at least $713,706.

According to NBC News, “In a city of nearly 9 million people, just 38,002 [New York City] tax filers are in the 1%.

Here are some more interesting statistics regarding the wealth of New Yorkers:

  • The average personal income tax paid by New York City’s wealthiest 1% is $107,153.
  • In 2016, 25,230 New Yorkers made more than $1,000,000 in personal income.
  • In 2016, 1,412 New Yorkers had a personal income of at least $10,000,000.

Note that being a part of the top 1% of earners in New York City requires a much greater income than it does to be a part of the top 1% nationally.  Being in the top 1% of earners nationally requires an annual income of $421,926.

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There Are More Homeless Children In NYC Than There Are People In Albany

Kingsbridge High School

  • New York City public schools have 114,659 homeless students; a record high.
  • “New York City has one of the highest populations of homeless students of any big city in America.”
  • “There are more homeless students in New York City than people in Albany.”
  • “At 144 [New York City] public schools, a third of the children are homeless.”
  • “Tonight, about one out of every 10 students in New York City will sleep in a homeless shelter or in the homes of relatives.”
  • Last year was the third consecutive year the number of homeless New York City public school students exceeded 100,000.
  • “For every 1,660 homeless students, there’s roughly 1 social worker.”
  • “Some students have to travel through two or more boroughs to reach school from their shelters; only about half of the city’s homeless families lived in a shelter in the same borough where their youngest child attended school last year.”
  • District 10 in the Bronx has the most homeless children out of the city’s 32 districts.  It has 10,804 homeless students.
  • District 10 “includes Kingsbridge International High School, where about 44 percent of the students who attended the school over the last four years were homeless at one point.”
  • “Last year, students living in a shelter missed an average of about 30 days in the school year.”
  • Due to living challenges, homeless students are more likely to struggle at school.  In New York City, “in the 2015-16 school year, just 12 percent of students living in shelters passed the state math exam, and 15 percent passed English.”

[SOURCE: The New York Times]

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New York City’s Affordable Housing Crisis

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Last week, New York City’s Comptroller Scott Stringer released “The Gap is Still Growing: New York City’s Continuing Housing Affordability Challenge” report. This report is a study of the state of housing in New York City.

According to AM NY: “The analysis found the city experienced a net loss of more than 425,000apartments renting for $900 or less from 2005 to 2017.”

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