"NYC Mayor Announces $2B Medical Debt Bailout for 500K Residents"

New York City plans to eliminate over $2 billion in medical debt for up to 500,000 residents in a partnership with RIP Medical Debt, a nonprofit organization. The initiative aims to alleviate the burden of medical debt, which is a leading cause of personal bankruptcy, particularly for low-income households and those with inadequate insurance. The program will cost the city $18 million over three years and will target individuals with low incomes or financial hardships, with no application process required. Mayor Eric Adams views this as a worthwhile investment that will prevent households from falling into the city's safety net or homeless system.