The Affordability Crisis Facing NYC's Older Adults

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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 explored 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 discussed 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.

Speakers included:

• Queens Borough President Donovan Richards
• Council Member Shaun Abreu
• Murad Awawdeh, President & CEO, New York Immigration Coalition
• Grace Bonilla, President & CEO, United Way of New York City
• Beth Finkel, NYS Director, AARP
• Wayne Ho, President & CEO, Chinese-American Planning Council
• Kevin Kiprovski, Director of Public Policy, LiveOn NY

This symposium was made possible through generous support from AARP. We are also grateful for general support from The Clark Foundation, the Altman Foundation, and ongoing support from a number of other philanthropic funders.