New York City Allocates $1.2 Million to Develop Worker Cooperatives

On June 19, New York City Council and Mayor Bill De Blasio approved a budget item that will provide $1.2 million to support training, with the goal of incubating 28 new worker cooperatives and supporting 20 existing cooperatives. The city expects the result to be 234 new jobs. The City Council appeal noted that "often times minimum- and low-wage jobs do not provide enough of an economic boost to provide upward mobility for many New Yorkers. Worker Cooperatives are designed to help build assets and wealth among low-income individuals and communities, and create entrepreneurs and community leaders."

Mayor De Blasio also declared June 21 "Worker Cooperative Day."