Albany, New York – Assemblywoman Nily Rozic and Senate Deputy Leader Michael Gianaris introduced the Good Jobs Guarantee Act, (https://www.nysenate.gov/legislation/bills/2023/S9376) nation-leading legislation that would unlock an estimated $1 billion in private funding for proven workforce development models and create 24,000 good-paying job placements for low-income New Yorkers. Senator Leroy Comrie signed on as co-prime sponsor of the legislation.

“The Good Jobs Guarantee Program is a groundbreaking proposal that will help fulfill the critical need to provide quality jobs and expand our workforce in the tech industry,” said Senate Deputy Leader Michael Gianaris. “I’m proud to propose this innovative idea that would help more New Yorkers receive advanced training and have careers they and our communities need.”

“This new legislation represents a significant opportunity in efforts to address economic disparities and provide pathways to prosperity for all New Yorkers. The Good Jobs Guarantee Program is a bold initiative to unlock funding for proven workforce development programs, ensuring that individuals have access to the skills and opportunities they need to secure good-paying jobs and achieve financial stability. I'm proud to sponsor this legislation with Senator Gianaris, making a real difference in the lives of thousands of New Yorkers,” said Assemblywoman Nily Rozic, Chair of Consumer Affairs and Protection Committee.

Under the legislation, participants would receive skills and training without paying any upfront costs. After participants secure a guaranteed good-paying job, they would pay a small percentage of their new income for a set period of time to help fund the next round of training. However, if participants lose their job or their income drops for any reason, their payment obligations cease – ensuring that these New Yorkers are never saddled with undue debt burdens, unlike student loans or other tuition-based models.

New York State would provide a $100 million guarantor fund to unlock private funding for proven workforce development programs that guarantee good jobs in high-growth, high-potential fields such as tech and engineering. A program administrator, selected and overseen by the State, would use the guarantor fund to attract social impact investments, expected to garner $1 billion in private investment over 10 years. The program administrator would then deploy these investments to approved providers to give advanced skills training and a sourced job opportunity.

“The traditional college route is far from the only way to find a high-quality career in today's day and age. I am proud to support the Good Jobs Guarantee Act, as it will open up a world of new possibilities in our state. With the cost of education spiraling out of control, this new structure will give people a way to advance their careers without shackling them to massive debt. I applaud Senator Gianaris and Assemblymember Rozic for introducing this bill and hope for its swift passage,” said Senator Leroy Comrie.

This legislation seeks to bridge the economic opportunity gap for thousands of New Yorkers not currently served by the status quo. In New York, 77% of jobs paying over $60,000 require a four-year college degree and 60% of New Yorkers lack one. A four-year college degree is not only farther out of reach but with billions of dollars burdening generations with student loan debt, it is increasingly not a guaranteed pathway to a family-sustaining career. The economy is rapidly changing as new industries in tech, engineering, and semiconductor manufacturing supported by the federal CHIPS and Science Act gain momentum, and low-income New Yorkers need opportunities and training to participate in these high-potential fields. While alternative workforce models have high potential, limited funding and support prevent them from fully meeting this challenge with the force it demands.

The Good Jobs Guarantee program would create a new framework to provide the resources to confront this crisis and connect low-income New Yorkers to guaranteed good jobs and better financial outcomes. Low-income New Yorkers who are supported by public benefits or without a college degree will receive dedicated skills training, such as coding, career support, mentorship, and a sourced job opportunity with a guaranteed good-paying job.

Deputy Leader Gianaris and Assemblymember Rozic announced the legislation in partnership with Pursuit, a workforce development social impact organization that has pioneered this model. Pursuit trains low-income New Yorkers so they can build careers in tech. Through its long-term intensive job training program, Pursuit helps adults get their first tech jobs, advance in their careers, and become the next generation of technology leaders. Pursuit Fellows receive job placements at leading tech companies, and on average, Fellows see a 387% increase in wages, going from $19,000 to over $90,000, after participating in the program. For the past decade, Pursuit has been a leader in tackling this complex socio-economic challenge and has created about $2B in total lifetime wage gains to date, creating lasting economic mobility that spans generations.

Using Pursuit’s past record as a model, this legislation is estimated to create good-paying job placements for 24,000 low-income New Yorkers over 10 years. An HR&A analysis found this could generate an additional 46,700 multiplier jobs, $6.5 billion in total worker earnings, and $21.5 billion in total economic output for the State.

“Thank you to Senate Deputy Leader Gianaris, Assemblymember Rozic, and Senator Comrie for their long-standing support and partnership from the very beginning of our organization’s journey. I applaud their leadership in introducing this landmark legislation, which will catalyze a market, mobilizing $1 billion in social impact investments for tens of thousands of low-income New Yorkers to gain good jobs,” said Jukay Hsu, Pursuit Founder and CEO. “At Pursuit, we have more than a decade of results demonstrating that this model works, helping low-income New Yorkers secure good jobs and more than quadruple their income. Our financial product is creating a better system for working people. This legislation will bring this model systems-wide and give more New Yorkers good jobs and lasting economic security for them and their families.”