New York, New York - Mayor Zohran Mamdani on Monday announced the release of a preliminary racial equity plan and true cost of living report for New York City.

Voters authorized the creation of both reports by referendum back in 2022, but their rollout remained stalled under previous Mayor Eric Adams.

"Though the prior administration delayed both of these reports by 580 days, our City Hall has made a promise during the early days of the admin to deliver these long-awaited reports within our first 100 days, and today I am proud to say we are delivering on that promise," Mamdani said in a press conference at Medgar Evers College.

"Together, these reports establish a framework for how our city will both measure affordability and plan for the future," the mayor explained.

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The True Cost of Living Measure found that 62% of New Yorkers don't have the resources to meet the cost of living in the city.

The median annual cost for a family with children is $159,197, but median resources are at $124,007 – over $35,000 short of the TCOL threshold.

Per the report, 78% of Hispanic New Yorkers, 66% of Black New Yorkers, and 63% of Asian and Pacific Islanders do not have the resources needed to meet their true cost of living. White New Yorkers have the lowest rate at 44%.

An astounding 73% of children in New York City live in families whose resources don't meet their cost of living. That figure is even higher in the Bronx – at 87%.

"New York City is home to skyscrapers, million-dollar listings, $9 lattes, and yet more than three in five New Yorkers – 62% – cannot keep up with the cost of living in this city," Mamdani said.

Mamdani described the Preliminary Citywide Racial Equity Plan as the "first step in developing a whole-of-government approach" to address deep racial disparities which are inseparable from the city's affordability crisis.

"It is a plan that lays out these first steps to solve decades of neglect and discrimination, and it places the work of 45 city agencies within a singular framework," the mayor said.

"Inequity has been embedded in the foundation of our city and nation since their inception. Dismantling it requires a collective effort."

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According to the text, the median household net worth of Black New Yorkers is just $18,870, as compared to approximately $276,900 for white New Yorkers. Black New Yorkers also have the lowest life expectancy of any racial or ethnic group at 76.1 years, compared with 81.8 years for white New Yorkers.

Dozens of city agencies helped develop over 200 goals and outcomes in seven key areas:

• Children, Youth, Older Adults, and Families
  
• Economy
  
• Housing and Preservation
  
• Infrastructure and Environment
  
• Health and Wellbeing
  
• Community Safety, Rights, and Accountability
  
• Good Governance and Inclusive Decision-Making
  

Under the plan, the city would move to advance pay equity, ensure anti-racism training for employees including law enforcement, improve data collection and reporting, and more.

"This is just the first step, a step we took in spite of tensions around doing so," said Afua Atta-Mensah, the city's chief equity officer and commissioner of the Mayor's Office of Equity & Racial Justice.

"Our responsibility now is to move from planning to action and to do so with intention, transparency, and accountability, because plans alone do not create change. Action does."

A 30-day period is open for public feedback on the plan before the final document is released.

The racial equity plan has already drawn backlash from the Trump administration, with US Assistant Attorney General for Civil Rights Harmeet Dhillon posting, "Sounds fishy/illegal. Will review!"