More than 80% of New York City families can’t afford child care even as providers are struggling to survive and closing in increasing numbers, a think tank report finds.
The 5BORO Institute released the report Tuesday, calling on the Adams administration to address the growing child care affordability crisis that they say is driving young families — particularly Black families — to leave the city. The report comes as the city is in the middle of an affordability crunch, with rising rents and eviction rates, a surge in child poverty numbers and a safety net that’s riddled with delays and limited services.
“The future of our city depends on the availability of affordable, high-quality child care,” Grace Rauh, executive director at the institute, said in a statement.
The report claims child care is the largest monthly expense for many families, often higher than their rent or mortgage. According to federal affordability guidelines, families shouldn’t pay more than 7% of their household income to care for one child.
Yet the median cost of center-based child care in Queens makes up a third of a family’s income and nearly half of a family’s earnings in the Bronx, the report says. That often results in parents, often women, leaving their jobs to care for their children and giving up on their long-term earning potential.
The city’s Economic Development Corporation estimated a $23 billion economic impact in disposable income and tax revenues from parents leaving the workforce or downshifting careers due to child care issues.
“Access to affordable childcare is critical for today’s workforce; without it, we risk losing the top talent we need to grow our local economy,” said Jessica Walker, president and CEO of the Manhattan Chamber of Commerce.
The report finds that there also aren’t enough child care providers to meet demand. There are more than twice as many children under 5 years old in the city than there are licensed child care slots as providers struggle to…
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