New findings from New York City Hall show that nearly two-thirds of city residents do not earn enough income to cover the true cost of living.

The new data prompted Mayor Mamdani to call for public input on the city's next steps to address affordability and racial inequity.

City officials said 62% of New Yorkers are unable to meet basic living expenses, even when working full-time. On average, a typical family would need about $40,000 more per year to make ends meet, according to the data.

The mayor and top city leaders unveiled the findings Monday in Brooklyn, releasing two major reports — the True Cost of Living Measure and the Racial Equity Plan. Together, the reports argue that the city's affordability crisis is tightly linked to decades of racial inequality.

"Together, these reports establish a framework for how our city will both measure affordability and plan for the future," Mayor Mamdani said. "The true cost of living measure confirms what New Yorkers have long known to be true: Many people cannot afford the city that they love."

City officials emphasized that the release marks the beginning of a 30-day public feedback period, allowing residents to comment on the findings and recommend changes before the final Racial Equity Plan is issued.

Residents can submit feedback online and through community meetings.