Schumer: Biden Team Pledges $2 Billion To NYC for Covid

Happy New Year, New York — and, every other big-spending state.

President-elect Joe Biden’s team is promising a policy change that will reimburse state and city governments for COVID-19 expenses. Senator Chuck Schumer revealed the news on Thursday via a statement from his office.

Under previous policy, only 75% of NYC and NY state Covid-19 expenses were covered by the federal Disaster Relief Fund. As a result, New York stands to gain $2 billion in funding, according to Schumer’s office.

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New York has increasingly struggled with high coronavirus infection and death rates, along a surging unemployment rate. As crime rates escalated and services were cut back in places like New York City, many businesses and wealthy individuals relocated to more rural settings and even out of state. Florida, a state that has remained primarily open and has a zero income tax, has seen an influx of New Yorkers over the last year.

As such, New York is increasingly left with a population that can’t support its current budget. It is expected that Senator Schumer will push to reinstitute the state and local tax deductions individuals could once make on their federal tax returns. If successful, this might entice some of the millionaires and billionaires back into the city.

Or so New York hopes.

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