The cost of living in New York has "risen significantly" this year.

On Thursday, New York Gov. Katy Hochul highlighted parts of the 2024 budget that she believes will "support workers and make New York more affordable."

Governor Hochul Highlights Budget Investments To Support Workers And Make New York More Affordable

Current NY Governor Kathy Hochul Faces Off Against Gubernatorial Challengers In Debate
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"From raising the minimum wage (to) giving hundreds of thousands a raise to expanding child care for families, we are taking transformative action to address rising costs of living and provide economic relief for New Yorkers," Hochul said. "We will never waver in our efforts to build a New York that is more livable and more affordable for the New Yorkers of today and tomorrow."

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Hochul's office reports the $229 billion budget includes investments and initiatives to address the "affordability crisis" by supporting working-class New Yorkers, expanding the Emergency Rental Assistance Program, increasing the minimum wage by tying it to the consumer price index, and expanding the Empire State Child Credit to children under the age of four, supporting nearly 630,000 more children.

The budget increases the minimum wage to $16 in New York City, Long Island, and Westchester and $15 elsewhere in New York State. The minimum wage will increase by 50 cents in 2025 and 2026.

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The budget also adds $391 million for New York's Emergency Rental Assistance Program which should help thousands of more New York families.

Cost of Living In New York Has Risen Significantly


"The cost of living for working families in New York State has risen significantly in this year alone," Hochul's office states.

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