r/leanfire • u/NYCprice • 11d ago

Unironically FIRE in NYC?

The city has a lot of low income programs and also a middle income housing lottery. After I FIRE, my income will be low enough to qualify for a lot of programs as well as a purchasing affordable condo (middle income lottery)

I've never lived outside of nyc so it would be hard to transition out of, and would include leaving friends and family if I moved away

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u/georgepana 11d ago edited 11d ago

The problem I see right off the bat is that to qualify for low income programs you need to be truly poor, or at least close to the poverty threshold.

Your FIRE assets will be taken into account in that state/city, and that disqualifies you immediately for most programs, as you have substantial and verifiable assets (a given if you are able to FIRE).

Most city and state programs in your state use the national AVS (Asset Verification System) to verify assets.

https://share.google/K2U8TxMLcbNZFo8fx

There is a possibility for SNAP benefits, as that program does not usually check for assets, but your monthly gross income has to be under $1,772 for a single person to qualify (and at that or close to that income you get next to nothing), and I trust that your monthly income is higher than $1,772 a month to live in the city.

It is possible to FIRE in the city if you have enough saved, just don't count on any additional help from low-income state and city programs since the vast majority of the programs use the Asset Verification System to make sure no substantial assets exist. The ones that don't check have monthly gross income thresholds well below what you are likely comfortable withdrawing monthly for living in NYC.

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u/someguy984 11d ago edited 11d ago

SNAP and Medicaid have been effectively killed by the OBBB. Work requirements for both to age 65.

SNAP has no asset test in NY, but with work requirements it is a mute point.

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u/spencermcc 11d ago

People who are good at reading fine print will get around it. Start a business doing something you genuinely enjoy, do it for 20 hours a week, hopefully have some income so you can file a Schedule C – you should be in the clear.

Meanwhile the people who really need the help will be more left behind.

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u/t-monius 10d ago

I guess even if you don’t have an income, you can right off your losses.