Guaranteed Income Is Coming to NYC in 2026 — Here's What It Means

Benzinga·12/27/2025 20:15:53

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New York City is preparing to roll out a guaranteed income program that will provide $15,800 per person to disadvantaged residents.

What Happened: The New York City Council has set aside $1.5 million in its 2026 budget for a new initiative titled “Cash with Care.” The program is aimed at assisting residents grappling with housing insecurity.

As per the council report, the main goal of this guaranteed income program is to support young individuals transitioning from homelessness by offering a consistent, flexible income and comprehensive services.

Under the initiative, 60 young New Yorkers aged 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 nine months, along with a one-time $5,000 payment that can be accessed at any point during the first nine months of the 12-month program.

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The "Cash with Care" program is a joint initiative of the City Council and the youth homeless shelter Covenant House New York.

It follows a similar effort launched by the New York City Council to support expectant women experiencing homelessness.

Why It Matters: The introduction of the guaranteed income program by the New York City Council is a significant step towards addressing the issue of housing insecurity. By providing a steady income to disadvantaged residents, the program aims to alleviate the financial burden faced by these individuals and aid in their transition from homelessness.

The success of this initiative could potentially pave the way for similar programs in other cities, contributing to a broader effort to combat homelessness and housing insecurity across the nation.