Loading...
Market
Total fees earned by MoCaFi from NYC contracts by end of 2024?
3
Resolution / Starting Odds
Less than $1 million • 25%
$1 million to $2 million • 25%
$2 million to $3 million • 25%
More than $3 million • 25%
Official NYC government reports or verified news sources
Story
NYC Hotels to Receive Over $1 Billion in Taxpayer Funds for Migrant Shelters at $4820 Per Room
Jul 8, 2024, 01:41 PM
New York City hotels that have converted into migrant shelters are set to receive over $1 billion in taxpayer funds, according to internal documents. This expenditure is equivalent to $178 revenue per available room (RevPAR), which is comparable to midrange Manhattan hotel rates before the COVID-19 pandemic. The funds are part of a broader initiative to support migrants, which includes a controversial prepaid debit card program operated by MoCaFi. This program, initiated through a no-bid contract, has incurred $850,000 in costs, with only $648,000 directly benefiting migrants. MoCaFi has reportedly earned $211,000 from this program. Additionally, the city has signed a contract with MoCaFi involving tens of millions in spending over several months, with significant fees frontloaded. Critics argue that wealthy hotel owners are the primary beneficiaries of these taxpayer-funded initiatives, while taxpayers themselves bear the financial burden. Long Island City is home to 23 government-run migrant shelters. The cost per room is approximately $4820 per month.
View original story
Similar markets
Less than $1 million • 25%
$1 million to $1.5 million • 25%
$1.5 million to $2 million • 25%
More than $2 million • 25%
Yes • 50%
No • 50%
Less than 30% • 25%
30% to 35% • 25%
35% to 40% • 25%
More than 40% • 25%
Yes • 50%
No • 50%
Yes • 50%
No • 50%
Less than $1M • 25%
Between $1M and $5M • 25%
Between $5M and $10M • 25%
More than $10M • 25%
Less than $5 billion • 25%
$5 billion to $5.76 billion • 25%
$5.76 billion to $7 billion • 25%
More than $7 billion • 25%
Less than $50 million • 33%
$50 million to $100 million • 33%
More than $100 million • 33%
Less than $60,000 • 25%
$60,000 to $70,000 • 25%
$70,001 to $80,000 • 25%
More than $80,000 • 25%
Less than $20 billion • 25%
$20 billion to $25 billion • 25%
$25 billion to $30 billion • 25%
Above $30 billion • 25%
Funding increased • 33%
Funding unchanged • 33%
Funding decreased • 33%