It’s hard to overstate the contribution our senior citizens make to our communities. They are assets to our families – caretakers, advisors, mediators, historians, and often the most stalwart and generous volunteers in our cities, towns, and villages. But we are losing them in our state.
According to census records, nearly 500,000 New Yorkers moved elsewhere in 2023, disproportionately retirees, driven out by the challenge of trying to manage our state’s high cost of living on a fixed income. One of the most frequent concerns I hear from these can’t-wait-to-leave constituents is the sky-high cost of property taxes.
In response to our ongoing affordability crisis, Governor Hochul has proposed “inflation rebate” checks. This proposal came at the start of budget negotiations this year and – while well-meaning – these one-shot payments of $500 or less for lower- and middle-income taxpayers would act as little more than a bandaid for most. They would likely offer nothing but a fleeting sense of relief to the millions of New Yorkers struggling to pay their mortgage or rent, their insurance premiums, inflated prices at the grocery store, skyrocketing childcare costs, and much more.
I believe a far more impactful approach to investing these inflationary dollars would be to point them straight to the source of New York’s intersecting affordability and outmigration crisis: addressing New York’s soaring property taxes for senior citizens in particular.
If enacted, the Governor’s “inflation rebate” checks would cost the state $3 billion. By comparison, the current Enhanced STAR program, which provides school tax relief for seniors, costs the state roughly $1 billion. Doubling the exemption would provide retirees on a fixed income with an enormous lifeline, allowing many to stay near their families, their friends, and in the communities they’ve lived their whole lives–all for less money than the Governor’s check proposal.
Instead of funneling one-time payments to New Yorkers that will hardly make a dent in a single rent payment, auto repair bill, or medical bill, the Legislature should prioritize a sustained investment in the financial wellbeing of New Yorkers on fixed incomes. By doubling the Enhanced STAR Credit, we will help ensure our seniors can continue to live with the comfort and dignity they deserve. This proposal is an investment in our communities, and one that will ultimately benefit us all.
James Skoufis represents the 42nd District of the New York State Senate.
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