Mamdani unveiled the city’s first-ever “True Cost of Living” measure alongside a sweeping Preliminary Citywide Racial Equity Plan today. The data revealed that 62% of New Yorkers—roughly 5 million people—lack the necessary resources to meet basic needs like housing, childcare, and food, leaving families with an average annual shortfall of over $35,000. The newly-released city report exposes severe racial and geographic divides: 77.6% of Hispanic and 65.6% of Black residents struggle to cover essentials, compared to 43.7% of white residents. By mandating that 45 separate city agencies evaluate their policies through this new framework, the Mamdani administration is attempting to formally tie its broader affordability agenda to measurable racial justice goals. The administration is now collecting public feedback on the preliminary plan for the next 30 days before setting more than 200 agency-level targets that will have a bearing on budget priorities.