New York City is set to introduce a guaranteed income scheme by 2026, aimed at providing financial assistance to young residents dealing with housing insecurity. This initiative, titled "Cash with Care," represents a targeted effort by the City Council to address challenges faced by vulnerable populations, specifically youth transitioning out of homelessness.
The City Council has earmarked $1.5 million within its 2026 fiscal budget to fund this program. The primary objective centers on delivering consistent and adaptable income support, paired with access to a range of services designed to aid in stabilizing the lives of participants as they work toward securing permanent housing and independence.
Under the parameters of the initiative, a group of 60 youths between 18 and 24 years old who are currently residing in homeless shelters or comparable living arrangements will be selected to participate. These individuals will receive a monthly cash payment amounting to $1,200 over a nine-month period. In addition, each participant will be granted a one-time payment of $5,000, accessible at any time within the first nine months of the program year.
The "Cash with Care" initiative is a collaborative endeavor between the New York City Council and Covenant House New York, a youth homeless shelter organization. This project follows in the footsteps of a similar guaranteed income effort previously launched by the Council targeting expectant women experiencing homelessness, indicating a broader municipal focus on providing tailored financial supports to those in precarious housing situations.
The guaranteed income program marks a strategic advancement in the city's approach to combatting housing instability by directly addressing the immediate economic challenges faced by disadvantaged youth. By equipping this segment of the population with a predictable income stream and supplementary services, the program intends to lessen financial hardships and facilitate smoother transitions from shelter living to more stable housing conditions.
This investment underscores a recognition of the critical link between income security and housing outcomes, aiming to create a replicable model for future efforts. The program's results may influence policy discussions on effective anti-homelessness strategies both within New York City and potentially in other urban centers confronting similar social issues.
As the initiative prepares for rollout, the intent is to gather insights and data on the impacts of guaranteed income on youth transitioning from homelessness, which could inform ongoing and expanded municipal and national efforts aimed at alleviating housing insecurity.