Nine New York hospitals out of a study of 21 are failing to invest in their communities in an amount equal to the tax breaks they receive on a federal, state and local level, the Lown Institute reported Nov. 16.
The study only examined data from nonprofit hospitals, including nine that are a total of $727 million short of community investments that equal their combined $1.2 billion in tax breaks in 2019. The report dubbed this a "fair share deficit."
NewYork-Presbyterian in New York City had the largest deficit — $359 million compared to its $493 million in tax breaks.
The total fair share deficit is triple the amount the city spends on school meals per year, the creation of thousands of new affordable housing units, or the cost of medical debt for every patient sued by a New York hospital over the past five years, according to the study.
Read the full report here.