"We are talking about findings that have shown that the wealth of a median white household in the city is more than $200,000, while that of a black household is less than $20,000."
In a recent press conference, New York Mayor Zohran Mamdani said that "racial inequities are stark" in the city, and that he and his administration are working to address inequities uncovered in its racial equity plan such as white households earning far more than black households.
Speaking on the release of the preliminary plan, Mamdani said, "Now, in this report, what we've seen—it's a report that is both coupled with a True Cost of Living Report—is that the inequities in this city, the racial inequities, are stark. We are talking about findings that have shown that the wealth of a median white household in the city is more than $200,000, while that of a black household is less than $20,000."
"This is not an indictment of any one New Yorker. It is an indictment, however, of policies and politics that have persisted for far too long. Our commitment now is to act upon these findings, to do so in concert with New Yorkers’ comments, as we've now opened a public comment period for the next 30 days to ensure that we have a city where we are reckoning with the long history of racism here and starting to act upon a framework that puts equity right at the center of it."
Mamdani unveiled the Preliminary Citywide Racial Equity Plan on Monday, saying that "While today's true cost of living measure confirms that the affordability crisis touches every corner of our city, we know that these effects are not applied evenly, so often it is black and brown New Yorkers who are hit the hardest. This preliminary racial equity plan is the first step in developing a whole-of-government approach to tackling that reality."
In a section of the plan titled "Segregation and Desegregation: The Struggle for Racial Equity," it states that "As of today, the median household net worth of white New Yorkers is roughly $276,900, nearly 15 times that of Black New Yorkers, $18,870," saying that much of the reason this gap exists is because of "a housing policy meant to privilege and favor one set of New Yorkers over another."
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