Good Jobs Guarantee Act
Introduced by Senate Deputy Majority Leader Michael Gianaris and Assemblymember Nily Rozic in May 2024, the Good Jobs Guarantee Act establishes a sustainable, outcomes-based framework to unlock $1B in private funding for proven workforce development models and connect underserved New Yorkers to quality jobs and economic mobility. Independent analyses project the Good Jobs Guarantee Act will train 24,000 New Yorkers for good-paying jobs, generating $6.5B in worker earnings and $21B in economic output across New York State.
In New York, 77% of jobs paying over $60,000 require a four-year college degree, and 60% of New Yorkers don’t have one while student debt nears $1.8 trillion. To ensure New Yorkers from every community can access economic opportunity, we need innovative solutions that 1) remove financial barriers and shift risk away from those most in need; 2) are sustainable and scalable; and 3) guarantee participants are left in a better financial position after completing job training programs.
The Good Jobs Guarantee Act:
Four Elements to Transform Systems and Trajectories
The Good Jobs Guarantee Act deploys four key elements to transform the opportunity landscape for New Yorkers and proven workforce-development models.
Establishes within Empire State Development a “Good Jobs Guarantee Program” to provide low-income New Yorkers with workforce training and placement into high-paying, sustainable jobs through approved providers
No payment by opportunity seeker upfront; only payment if program secures employment with minimum $50,000+ salary
Not a student loan or debt; individual creditworthiness not barrier to access Good Jobs program training
Monthly payments at variable percentage of salary, not to exceed 20% of eligible salary; Hardship exceptions; limited payment period
Capped equity shifts risk away from the individual; risk is instead borne by the bond issuing entity, workforce development institutions, and investors
Private capital underwrites financing without looking at individual characteristics like credit, job history, or current income
$100M government-backed guarantor fund provides minimum loss reserve as credit enhancement to mobilize estimated $1 billion in private capital over 10 years
The Good Jobs Guarantee Act will create a transformative, state-wide impact that will ensure every New Yorker has access to economic mobility and a high-paying job in a meaningful career. This innovative public-private partnership will create a new framework for job creation for New York and beyond. We expect to see the following outcomes in the next 10 years.
We’re building a diverse coalition of support for this important legislation.
From policy makers at the local and state level, to community members, to leaders in business and social impact — everyone has a place in this coalition to create opportunity and good paying jobs.
Co-Sponsors
