Mayor Zohran Mamdani and his administration released the city's first-ever racial equity plan.

The long-awaited document lays out a framework for addressing systemic racism and inequities across 45 city agencies, with over 600 indicators to track progress when it comes to disparities.

The true cost of living measure was also released, a new affordability metric that calculates what families actually need to meet everyday needs, including housing, food, health care, child care, transportation, taxes, savings and other essentials.

The TCOL accounts for family size, composition and location and uses 2022 data.

The inaugural report reveals 62% of New Yorkers, 5.04 million people, do not make enough money to cover the actual cost of expenses to live in the city, with disproportionate impacts on communities of color. According to the report, a family with children must earn $159,197 to be considered economically secure. On average, a typical family needs to earn roughly $40,000 more a year to make ends meet.

Additionally, 73%, or 1.2 million children, live in families that do not meet their cost of living, with the number rising to 87% in the Bronx.

Disabled New Yorkers feel the burden the most, with 92% unable to meet their cost of living, with an average gap of $76,178.

The report finds Hispanic New Yorkers are disproportionally impacted at a rate of 77.6%, followed by Black New Yorkers at 65.6%, Asian and Pacific Islander New Yorkers at 63.3%, and comparatively the rate for white New Yorkers is 43.7%.

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

The racial equity plan is required to be implemented by the city's charter, under ballot reforms that voters passed by a landslide in 2022. The first plan was due in 2024 under the former Adams Administration, while a preliminary plan was completed, it was never released to the public.

Mamdani vowed to publish the plan within his first 100 days.

"Though the prior administration delayed both of these reports by 580 days, our City Hall has made a promise in the early days of the admin to deliver these long-awaited reports within our first hundred days. And today, I am proud to say we are delivering on that promise," the mayor said.

The administration is collecting public feedback for 30 days before the final racial equity plan is released.