There are three things New Yorkers agree on: we have the best bagels in the world, we have the best pizza in the world, and inflation sucks. Okay, the last one may seem a bit out of left field but when NYC was found to have the fifth biggest inflation problem in the U.S. causing prices for everything to rise including the iconic bodega bacon egg and cheese, we’re definitely going to complain about it.
Now, Governor Kathy Hochul is stepping in to potentially offset these rising inflation prices. Hochul has announced that she’s proposing $3 billion-worth of stimulus checks for 8.6 million New Yorkers to offset the recent year’s rising inflation prices.
Under the proposal, any individual earning less than $150,000 would receive a one-time payment of $300, while families with incomes less than $300,000 could qualify for one-time payments of $500. To qualify, residents must have filed their state tax returns.
Hochul stated:
It’s simple: the cost of living is still too damn high, and New Yorkers deserve a break…I’m on your side. I believe that this extra, inflation-driven sales tax revenue shouldn’t be spent by the state. It’s your money and it should be back in your pockets.
The proposal, which would be funded by surplus sales tax revenues, would be part of Hochul’s 2026 state budget that will roll out January 2025. Next steps include it gaining approval from state lawmakers during the upcoming legislative session in January. If approved, eligible New Yorkers would begin receiving their stimulus checks by fall 2025.