New York City has announced a significant investment aimed at preserving affordable housing. The New York City Employees’ Retirement System (NYCERS) is committing $60 million to a joint venture led by the Community Preservation Corporation, Related Fund Management, and Neighborhood Restore HDFC. This initiative will protect nearly 35,000 rental units, over 80% of which are rent-regulated. The investment is part of a broader effort by city officials, including Mayor Eric Adams, Comptroller Brad Lander, and Public Advocate Jumaane Williams, to safeguard the city's housing stock. The funds will also be used to acquire properties tied to rent-controlled and rent-stabilized apartments from the failed Signature Bank. This marks the largest single investment in preserving rent-stabilized housing by NYC pension funds, while also aiming to provide competitive risk-adjusted returns for retirees. The $86 billion pension fund for civil employees is part of this initiative.
City pension plan invests $60M in affordable housing fund https://t.co/VhqmxDvi53
We are committed to protecting affordable housing in our city, and we're working with all our partners to #GetStuffDone. Today @NYCMayor announced that the New York City Employees’ Retirement System will be investing $60 million to preserve 35,000 units of rent-stabilized… https://t.co/hbuFeYVBOo
The New York City Employees’ Retirement System announced a $60 million investment in affordable housing in a joint venture led by Community Preservation Corporation with Related Fund Management and Neighborhood Restore HDFC via @CommObserver's @AndrewCoen https://t.co/BJEY7iU5LO
.@NYCComptroller, @NYCPA, and I today announced that the New York City Employee Retirement System is investing in 35,000 units of affordable housing with the Community Stabilization Group. This investment is good for our retirees, and it will protect our housing stock. https://t.co/PVXEsQXQwz
Our $60 million housing investment will protect nearly 35,000 rental units, over 80% of which are rent regulated. It’s the largest single investment to preserve rent-stabilized housing by the pension funds in NYC history, all while earning competitive risk-adjusted returns. https://t.co/0wv38ZLX1n
Today with my fellow trustees of NYC pension funds, I’m proud to announce a new $60 MILLION investment to protect the City’s affordable housing supply, in partnership with @communityp and Related Fund Management. More: https://t.co/SO3s8MfmFI
NYC’s $86 billion pension fund for civil employees is investing in a nonprofit-led partnership that took on property loans tied to rent-controlled and rent-stabilized apartment buildings from the failed Signature Bank. https://t.co/vfVm8nDj6v
Adams, Lander and Williams all join together at The Dink for a $60 million pension fund investment in buying up, and preserving, more than 30,000 units of affordable housing. https://t.co/25RNyBtrFa
Build more affordable housing-Yimbys 🫣🤣 https://t.co/TxQGOMY37K
We absolutely love to see it: The YIMBY capital of America is doubling down by passing more reforms to boost housing supply. https://t.co/ubE2hqgaHp https://t.co/K6e0l5TdQP
NYC is set to finance fewer affordable homes in the coming year, alarming politicians and housing advocates who say the administration should be investing more in affordable housing as rents rise and the unhoused population grows via @NYTimes' @mihirzaveri https://t.co/v367gotyj0