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NYC to Stop Providing Shelter for Migrant Adults After 30 Days

New York City will no longer be obligated to shelter migrant adults indefinitely, as a settlement agreement announced on Friday significantly scales back the city’s longstanding right-to-shelter requirement. City officials revealed that adult migrants will now only be permitted to stay in shelters for a maximum of 30 days, with the possibility of an extension under certain conditions such as medical disabilities or extenuating circumstances.

This shift marks a substantial policy change that sets New York apart from other major U.S. cities, as no other city is compelled to ensure housing for every homeless individual who seeks it. The agreement, resulting from a state court case overseen by Justice Gerald Lebovits, brings an end to months of negotiations between city officials and the plaintiffs represented by the Legal Aid Society, who were part of the original consent decree establishing the right-to-shelter requirement.

The revised regulations will come into effect immediately to address the ongoing migrant crisis that has seen over 180,000 migrants pass through the city’s shelter system since the spring of 2022. Younger adult migrants aged 18 to 23 will have up to 60 days in the shelter system before being required to move out, while migrant families with children will not be affected and can stay for up to 60 days with the option to reapply.

Mayor Eric Adams, a Democrat, hailed the settlement as a major victory after nearly a year of efforts to amend the right-to-shelter requirement. His administration has expanded the number of shelters, repurposed hotels, and set up tent dormitories to accommodate the 65,000 migrants still in the city’s care. Mayor Adams has warned that the financial strain caused by the migrants is burdening the city’s budget, estimating a cost of $10 billion over three years and posing a threat to the city’s stability.

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While Mayor Adams does not advocate for the permanent abolition of the right to shelter, he seeks significant modifications to alleviate the city’s responsibility for housing a large influx of migrants. The 1981 consent decree that established the requirement did not anticipate the arrival of migrants without housing, prompting the need for adjustments. The terms of the settlement reflect the difficulties faced by the city in complying with the existing requirements amidst the migrant crisis.

The legal battle over the right-to-shelter started in May, with the mayor seeking legal approval to alter the consent decree to deny shelter to homeless adults and adult families when resources are inadequate. In October, as migrants continued to strain the shelter system, the city administration petitioned a judge to suspend its obligation to provide shelter to single adults during emergencies or influxes.

Mayor Adams highlighted the necessity for flexibility during times of crisis, emphasizing the need to adapt to the changing circumstances. The settlement agreement allows for case-by-case extensions of shelter stays for migrant adults beyond the initial limits, based on individual circumstances and efforts to find alternative housing solutions. Legal Aid Society representatives confirmed this approach, ensuring that each request for an extension would be thoroughly evaluated before a decision is made.

Camille Baker contributed reporting.

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Is now the right time to invest in gold as prices have cooled?

Now may be the time to buy gold following a recent lull in its price.

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The price of gold has climbed to record highs recently and has remained strong through much of April. And, that growth continued until the precious metal traded at around $2,390 per ounce on April 19, 2024. But since, growth in the price of the precious metal has cooled, with gold’s price now hovering around $2,300 per ounce.

This lull in gold’s price may represent an investment opportunity.

In general, investing is centered around buying assets when prices are low and selling them when prices are high – generating a profit on the difference between the two. So, considering the declines in gold’s price over the past few days, now may be the time to make your investment. But is buying gold during this lull in prices really a good idea?

Compare your gold investment options among leading brokers now.

Gold prices have cooled. Should you buy in now?

With gold’s price down from recent highs, you may be wondering if now is the right time to buy in. There are several reasons the dip in gold’s price may represent an opportunity to buy. Here are some of the biggest:

Prices may rise again

If looking at a gold price chart shows anything for certain, it shows that changes in the overall growth of the medal come in fits and spurts. Periods of price growth are typically followed by periods of declines and vice versa.

But with inflation rising in recent months – and with gold’s reputation as a safe-haven asset that can hedge against inflation – it only makes sense that the price of the precious metal will eventually start to head up again in the future. While attempting to time that directional change may be tricky, buying the precious metal while the price is down gives you the opportunity to take advantage of any upward movement that may be ahead.

Add gold to your portfolio now before prices have a chance to rise.

You may be able to make a quick profit

Gold isn’t known as an asset in which you can earn a quick return, but in today’s market, that may be the case. Don’t forget that in January, gold was trading at just $2,000 per ounce. And, by mid-April, the commodity’s price had climbed to around $2,400 per ounce. That’s about 20% growth in a matter of months, much of which happened since March 1 – an impressive climb for any investment asset.

Perhaps more importantly, gold’s price growth through the beginning of 2024 shows that the commodity doesn’t have to be a buy and hold style investment that you keep in a safety deposit box or precious metal depository for years to come. There’s also the possibility that the commodity’s price could climb further ahead, making it a compelling way to potentially generate a quick profit.

There are other benefits of investing in gold

There are other benefits of investing in gold that have little to do with the price growth seen thus far in 2024 – or the lull in prices seen over the past couple of days. Those benefits include:

Inflation protection: Gold has long been considered an inflation hedge, and for good reason. When inflation drives the prices of consumer goods and services up – and the value of the dollar down – gold’s price tends to rise. So, it could be used to maintain the value of your portfolio during inflationary economic conditions. That’s important in today’s economic environment as stubborn inflation continues to weigh on the value of the dollar.
Portfolio diversification: Gold’s price doesn’t always move in the same pattern that bonds or stocks do. So, mixing a reasonable amount of gold into your portfolio (up to 10% of your portfolio assets) as a diversifier could protect you from losses should one or more of your traditional portfolio assets fall in value. “If you have less than 5% – 10% of your net worth in commodities & FX (forex), you should absolutely consider adding exposure to gold and other precious metals,” says Vijay Marolia, money manager and managing partner at the wealth management firm, Regal Point Capital.

The bottom line

Gold’s price has fallen from recent highs – which may represent an opportunity to tap into growth ahead. However, gold isn’t simply a “buy while it’s low and sell while it’s a high” kind of investment opportunity. The commodity can also protect your portfolio from the stubborn inflation we’ve seen thus far in 2024 while acting as a diversification tool that could increase your risk-adjusted portfolio returns. So, consider adding gold to your portfolio today while it has the potential to grow in value.

Joshua Rodriguez

Joshua Rodriguez is a personal finance and investing writer with a passion for his craft. When he’s not working, he enjoys time with his wife, two kids, two dogs and two ducks.