New York City is preparing to launch an income guarantee program that will provide $15,800 per person to vulnerable residents.
what happened: The New York City Council set aside $1.5 million in the 2026 budget for a new initiative called Cash with Care. The program is designed to help residents address housing insecurity.
According to the committee’s report, the main aim of the Income Guarantee Scheme is to support young people exiting homelessness by providing a sustained, flexible income and comprehensive services.
Under the initiative, 60 young New Yorkers ages 18 to 24 who are currently living in homeless shelters or similar facilities will be selected.
Participants will receive a monthly cash stipend of $1,200 for 9 months, as well as a one-time payment of $5,000, which can be taken at any time during the first 9 months of the 12-month plan.
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The Cash with Care program is a joint initiative of the City Council and Covenant House, New York’s homeless youth shelter.
Previously, the New York City Council launched a similar initiative to provide support for homeless pregnant women.
why it’s important: The New York City Council’s Income Guarantee Program is an important step in addressing housing insecurity. By providing a stable income to vulnerable residents, the program aims to alleviate the financial burden faced by these individuals and help them transition out of homelessness.
The success of this initiative could pave the way for similar programs in other cities, helping to address homelessness and housing insecurity more broadly across the country.
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This article “Guaranteed income is coming to New York in 2026 — here’s what it means” originally appeared on Benzinga.com
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