Elected officials, and parents to celebrate the allocation of $4 billion in the state budget for childcare in New York City over four years, as well as the authorization of new tax incentives to increase the number of childcare seats in New York City.
The historic childcare expansion investment comes weeks after Mayor Adams and New York City parents asked state lawmakers to fight for an affordable expansion of quality education.
“Today is a win for New York City families and for our kids,” said Mayor Adams. “Raising a family in New York City shouldn’t be hard, so we are making things a little easier for working families by expanding access to high-quality childcare programs across our city. This historic investment of $4 billion will expand quality childcare comes at a crucial time, while families struggle with the increase in the cost of living and lost wages as a result of the pandemic. I am grateful to Governor Hochul and my colleagues in the state that fought for New York City families and delivered. Promises made, promises kept.”
“We are grateful for Governor Hochul for her support for New York City’s youngest children,” said Chancellor Banks. “This tremendous increase in funding will make it possible for thousands of working families to provide their children with the high-quality care they need, and the high-quality care they deserve. Education is a lifelong journey, and we are committed to ensuring that all children begin this journey with their best foot forward.”
“This administration made a promise to working parents across New York City to deliver critical childcare funding — and that’s exactly what we did,” said Deputy Mayor for Strategic Initiatives Sheena Wright. “Childcare centers are foundational to families, creating a space for learning children to learn, grow, and simply to be kids. With this historic funding, we are beginning a transformative moment for childcare, support for high-quality providers, and bringing much-needed peace of mind to parents.”
While New York City will receive $4 billion over four years, the state allocated a total of $7 billion for the whole state.
In addition to investing in New York City children and families, this investment will ensure New York City providers and childcare workers feel supported and have the resources necessary to run successful programs.
In addition, the state acted on two critical priorities the Adams administration pushed for to increase the number of childcare seats throughout the city.
In the adopted budget, the state authorized the city to provide property tax abatements to property owners who retrofit property to establish childcare centers.
It also authorized the city to offer a tax credit for businesses that provide free or subsidized childcare to their employees.
Together, these incentives are estimated to create thousands of new childcare seats if fully utilized.
New York City has approximately 500,000 children aged 5 and younger.
The Adams administration aims to maximize all funding to reach as many families in need who are currently not receiving care.