The Affordability Crisis Facing NYC’s Older Adults

New York’s affordability crisis has finally begun to get the attention it deserves. But few New Yorkers feel the strain more acutely than the city’s 1.3 million older adults. Over the past decade, the number of older adults living in poverty has surged by 41 percent across the five boroughs, and today 18.4 percent of New Yorkers age 65+ live below the poverty line. Even more alarming, nearly one in five older adults report no income from Social Security at all—and many others are working longer out of necessity, struggling to keep up with rising costs and insufficient retirement savings.

This forum will explore how city efforts to tackle New York’s affordability crisis can ensure that older adults’ unique cost-of-living challenges are front and center. Panelists will discuss the bold policy actions and investments needed to strengthen financial security, stabilize incomes, expand access to vital supports, and reverse the alarming rise in older adult poverty.