Fiscal Policy Institute

RGB should index to CPI less shelter costs

See @emmurpheis.bsky.social's testimony before the Rent Guidelines Board here:
fiscalpolicy.org/fpi-testifie...

Stabilized Rents Up 12.6% in Adams’ New York

Rent increases are contributing to an affordability crisis in NYC. A new factsheet from @cssnyorg.bsky.social draws on our RGB testimony to show that hikes for rent-stabilized tenants under Adams and Bloomberg have caused rents to outpace the cost of other goods. www.cssny.org/publications...

New Data Show Rising Inequality, Strong Wage Growth for Top Earners - Fiscal Policy Institute New data released this morning show that inequality is rising in New York, with income gains for the state’s richest residents driving statewide wage growth well above the national average.

Read more: fiscalpolicy.org/new-data-sho...

Gini measure of income inequality in New York and the US

NY’s income inequality rose in 2024— remaining the highest of any state, while national inequality fell.

Share of low- and high-income households in New York and the US

Top 20% of NY households saw 2.9% income growth (vs. 1.4% nationally), and the top 5% saw 3.8% (vs. 0.7% nationally). NY’s comparatively small middle class is shrinking, with 13% more households earning <$25K and 26% more earning >$200K than the US average.

NY job growth is sluggish at 0.6% in Q1 2025 and 1.2% in 2024, trailing national averages. High-paying industries—and historic federal tax cuts for these same top earners—are fueling growth in wages for high-earners, not jobs.

New York and US real wage growth by income group from 2023 to 2024

In Q1 2025, NY wages grew 8.0%, outpacing the US at 4.8%. But low-income households saw only 0.7% income growth (vs. 1.9% nationally) and middle-income households 1.6% (vs. 2.1% nationally).

New data from the US Census Bureau & Bureau of Labor Statistics show rising income inequality in New York. Top earners are driving strong wage growth, while low- and middle-income households lag behind. (1/6)

New York’s Small Group Market Has Big Problems - Fiscal Policy Institute Health insurance premiums will rise steeply for many small businesses in 2026. New York’s small group market may be facing a death spiral.

High health care prices have played a major role in premium growth in recent years. Only a comprehensive set of price regulations can help address the root cause of unaffordable health insurance premiums in the state.

Read the full brief: fiscalpolicy.org/ny-small-gr... (7/7)

Troubling trends in New York’s small group market - Fiscal Policy Institute Read Full Report By Bailey Hu, Health Policy Analyst, & Michael Kinnucan, Director of Health Policy Prior to the passage of the Affordable Care Act (ACA) in 2010, small business employers in New York and other states often had difficulty buying affordable health insurance, especially if their employees were in

To ensure the small group & individual marketplaces can provide affordable, high-quality insurance for all, policymakers should adopt measures to stem enrollment losses and address high premiums. As we reported in July: (6/7)
fiscalpolicy.org/troubling-t...

Unfortunately, @NYDFS's rate increases indicate that these trends will likely continue. Oxford Health Insurance (subsidiary of
@UHC), the largest insurer in NYC & Long Island's small group markets, has an approved increase of 11.8% for 2026, more than 2x its 2025 increase. (5/7)

As of last March, the average monthly premium for a gold-tier, single-coverage plan ranged above $1,200 in NYC & Long Island. Both regions also saw high rates of premium growth in 2020–24, outpaced only by Rochester's stunning 45 percent jump in premiums. (4/7)

In 2020–24, enrollment dropped by 24% while premiums also soared in most regions of the state. (3/7)

New numbers from NY Department of Dinancial Services show premiums will rise steeply for many small businesses in 2026. Since those who leave the market tend to be younger and healthier, the average cost of insuring those remaining rises, causing more businesses to leave. (2/7)

🚨NY health insurance premiums are set to rise by 13% for small businesses — on track to double by 2031. Small group markets in some areas may be facing a death spiral. (1/7)

Importantly, FPI's estimates of the funding cuts are much higher than those announced by the NYS Division of the Budget. We explain why in these reports.

Report 1: fiscalpolicy.org/the-state-is...

Report 2: fiscalpolicy.org/making-sense...

Today, FPI is releasing two reports on how to understand the impact of federal funding cuts in New York.

Key points: 1) the cuts amount to over $20bn annually by 2030, 2) 1.5 million NYers will lose healthcare, 3) FPI advises a special session to remedy (1) and (2).

Importantly, our estimates of the funding cuts are *much* higher than the State has announced. We explain why in the two reports.

Report 1: fiscalpolicy.org/the-state-is...

Report 2: fiscalpolicy.org/making-sense...

Today, @nyfiscalpolicy.bsky.social is releasing two reports on how to understand the impact of federal funding cuts in New York.

Key points: 1) the cuts amount to over $20bn annually by 2030, 2) 1.5 million NYers will lose healthcare, 3) FPI advises a special session to remedy (1) and (2).

New York stand stands to lose a lot in this budget bill. @nyfiscalpolicy.bsky.social has written about job loss, healthcare access, food assistance, and economic harm.

Analysis from me and Michael Kinnucan at @nyfiscalpolicy.bsky.social showed that New York could lose 215k jobs due to medicaid cuts coming from the house bill... the senate bill is an even more severe cut for NY ie. more jobs lost.

fiscalpolicy.org/new-york-emp...

FPI's Emily Eisner on the cruel and economically damaging impacts of cuts to SNAP in the federal budget reconciliation bill.

Welcome! You are invited to join a webinar: FPI's Fiscal Update: The State Budget. After registering, you will receive a confirmation email about joining the webinar. This Friday, 5/9, at 12:30 pm, the Fiscal Policy Institute will present a briefing on its initial analysis of the New York State budget. Budget bills are out, and FPI will provide its analysis of the ...

Join NOW at 12:30pm on Friday May 9 for a discussion of the NY State budget with FPI experts.

us06web.zoom.us/webinar/regi...

Welcome! You are invited to join a webinar: FPI's Fiscal Update: The State Budget. After registering, you will receive a confirmation email about joining the webinar. This Friday, 5/9, at 12:30 pm, the Fiscal Policy Institute will present a briefing on its initial analysis of the New York State budget. Budget bills are out, and FPI will provide its analysis of the ...

At 12:30pm today, @nyfiscalpolicy.bsky.social will give an update on the NY state budget.

Please join if you're interested!

us06web.zoom.us/webinar/regi...

New Op-Ed in the NY Daily News today:

"Albany Must Prep for Federal Cuts"

NY policymakers must reject tax cuts and the irresponsible "inflation refund" and instead invest in real affordability for New Yorkers.

New Op-Ed for me and Nathan Gusdorf of @nyfiscalpolicy.bsky.social in the NY Daily News today:

"Albany Must Prep for Federal Cuts"

NY policymakers must reject tax cuts and the irresponsible "inflation refund" and instead invest in real affordability for New Yorkers.

Commentary: New York must get serious about fixing Unemployment Insurance Proposals being floated by state leaders do nothing to tackle the root causes of the system’s insolvency and would soon lead to more debt.

Excellent Op-Ed in the Times Union yesterday by Ian Greer at @cornellilr.bsky.social: "New York must get serious about fixing Unemployment Insurance"

Cites to FPI's proposal for UI reform in NY.

www.timesunion.com/opinion/arti...

Happening today!

Welcome! You are invited to join a webinar: FPI's Federal Policy Update. After registering, you will receive a confirmation email about joining the webinar. The Trump administration has already cut federal funding to New York through executive action, and the reconciliation bill progressing through Congress may include deeper cuts. Meanwhile, Trump's trad...

This Thursday, 4/17 at 12:30pm, the Fiscal Policy Institute is hosting the first in a series of Federal Policy Updates.

We expect to hold these updates on a bi-weekly basis.

Primarily for policymakers, advocates, and labor leaders in New York

Register at the link:

us06web.zoom.us/webinar/regi...

Welcome! You are invited to join a webinar: FPI's Federal Policy Update. After registering, you will receive a confirmation email about joining the webinar. The Trump administration has already cut federal funding to New York through executive action, and the reconciliation bill progressing through Congress may include deeper cuts. Meanwhile, Trump's trad...

This Thursday, 4/17 at 12:30pm, the Fiscal Policy Institute is hosting the first in a series of Federal Policy Updates.

We expect to hold these updates on a bi-weekly basis.

Primarily for policymakers, advocates, and labor leaders in New York

Register at the link:

us06web.zoom.us/webinar/regi...