Morgan Stanley and Robin Hood today announced a commitment to provide financial assistance to 2,000 street vendors across New York City in partnership with The Street Vendor Project. Street vendors have reported losses of 70-90% of their earnings during COVID, and many have been excluded from relief programs.1 To address this gap and help vendors pay rent, afford utilities and purchase food, this funding will provide more than 2,000 NYC vendors upwards of $1,000 each in cash assistance. Morgan Stanley has made a $2 million commitment to this effort and Robin Hood is donating an additional $375,000 and will be assisting with grant management and cash distribution to reach the target population.
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There are approximately 20,000 New Yorkers who sell food and merchandise from the streets and sidewalks of New York City, most of whom are women of color, military veterans and low-wage immigrant workers. And while street vendors contribute an estimated $293 million to the city’s economy, the informal nature of their work or immigration status has barred them from government disaster relief and unemployment insurance. As a result, 76% of vendors ‒ grappling with fines, garage rental costs, and vending permit increases ‒ have been forced to balance their lives and livelihood by borrowing money, drawing down savings, seeking financial help from friends and family, or pawning assets according to a survey conducted in June and September 2020 by Women in Informal Employment: Globalizing + Organizing (WIEGO) in collaboration with the Street Vendor Project.
“New York City street vendors are a central part of the cultural fabric of New York City. With our headquarters in Times Square, many of our employees rely on these vendors for their morning coffee or a quick lunch. Morgan Stanley is committed to supporting those in our community that support us on a daily basis as they face unprecedented economic hardship,” said James Gorman, Chairman and Chief Executive Officer of Morgan Stanley. “We are proud to work with Robin Hood and the Street Vendor Project to provide economic relief to vendors during a critically difficult time and encourage others to join us in this important mission.”
“Street Vendors are central to New York’s cultural and economic identity, but COVID-19 has dealt them a serious blow. Over the last year, as the pandemic intensified racial and economic disparities, street vendors have been forced to face the crisis alone, finding themselves ineligible for benefits as a result of their immigration status and the very nature of their work,” said Wes Moore, Chief Executive Officer of Robin Hood. “New York City street vendors are at the precipice with no safety net to catch them. We must do all we can to help them fight to weather this pandemic – now and for the long haul.”
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