Gov. Kathy Hochul (D-NY) is cutting billions in checks to millions of New Yorkers in an effort billed to ease the financial strain of residents burdened by the high cost of living.
The “inflation refund checks” of up to $400 have been going out for weeks after Hochul announced the program in late September. Over eight million households are set to receive the checks, which Hochul’s office said are funded by excess state tax revenues.
“The state is sending more than 200,000 inflation refund checks per day, and more than half of New York’s anticipated 8.2 million inflation refund checks totaling more than 5 million checks that have been sent out so far,” Hochul’s office told Axios.
The checks are automatic, one-time payments, and will total at least $2.5 billion, according to the Economic Times. They depend on the amount of income and filing status for the 2023 tax year, with residents receiving between $150 and $400.
The payments have been rolling out primarily during the government shutdown, during which over a million federal workers are without pay.
“You work hard and, you know, the bills just keep piling up, and you just look at them and say, ‘When will it ever stop?'” Hochul said as she unveiled the program. “It’s utility bills, your grocery bills, the mortgage or the rent bills … and New York families are just getting so beaten down sometimes.”
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The remaining checks will be mailed to residents in November, when New Yorkers will head to the polls to decide the outcome of several races, including who will be the next mayor of the country’s largest city.
Hochul has endorsed socialist candidate Zohran Mamdani in the New York City mayoral race. His campaign has centered on promises to address the city’s affordability crisis and bring down the cost of living for residents.
