The math looks bad, and while the story is not clear, it appears that the subsidies will not be $50,000 per person, but rather the difference between their current income and $50k.
So, the person making $40,000 will get $10k.
the city council voted to invest $600,000 into the pilot.
Putting those together, the average is $2,000 per person per year, if my math is correct.
That makes better sense.