New York City is proposing the implementation of a mandatory Income Savings Program (ISP) for working homeless shelter residents. Under this program all employed New York City homeless shelter residents will be required to deposit 30% of their income into a city-controlled savings account. Failure to do so would reportedly result in eviction from the shelter.
According to City Limits, the shelter residents will only be able to access the aforementioned account 30-45 days after exiting the shelter.
This proposal is ridiculously flawed for a multitude of reasons. Opponents to the proposal recently spoke out at a public hearing regarding the implementation of this program.