$100 Million Fund Targeting NYC Child Care Crisis
Last night at the Robin Hood Benefit Party at the Javits Center in New York, Citadel’s Ken Griffin was the winning bidder in an auction for a seat in space on Jeff’s rocket company Blue Origin. Bezos. (Bezos was in attendance.) Griffin offered $8 million and said he planned to give the ticket to a New York teacher.
Alongside the event, Robin Hood announced that venture capitalist Alexis Ohanian, the Bezos Family Foundation and other donors have committed a total of $50 million to expand access to affordable, quality child care options in an effort to strengthen the overstretched and underfunded child care system. the city. The city will add another $50 million.
The pandemic has highlighted a child care crisis in New York City. Child care centers that were already operating on meager budgets were forced to reduce capacity or close altogether, forcing hundreds of thousands of child care workers out of the industry and leaving parents with few options.
“More than 40% of New York parents with a young child have had to quit their jobs or switch from full-time to part-time work during the pandemic due to lack of access to child care. Richard Buery, chief executive of Robin Hood, a New York charity with close ties to Wall Street, told DealBook.
According to a study by census data analysis by the non-profit organization Citizens’ Committee for Children of New York.
Fixing the current system would boost the local economy by helping many New Yorkers — especially women — get back to work, Buery said. New York’s private child care options are also among the most expensive in the country, with full-time group child care fees over $16,000 on average in 2020, keeping it out of reach for many families.
For Mr. Ohanian, who says his philanthropic giving is inseparable from his “profit-making,” investing capital in training the future workforce and enabling the current workforce to reach its full potential “is simply going to translate into healthier outcomes for children and families and, more generally, for economic opportunity and stability.