REMARKS
Innovative pension fund investment to support city worker home buying
0:54:47
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83 sec
Comptroller Lander presents an innovative idea to use pension fund dollars to help city workers, such as teachers and nurses, buy homes in New York City. This proposal aims to address the affordability crisis for middle-income city employees.
- The program would allow pension funds to invest alongside city workers in home purchases
- It's modeled on similar programs used by some universities
- The arrangement would split ownership and eventual sale proceeds between the worker and the pension fund
- Lander emphasizes the need for more housing creativity, development, and public-private collaboration to address the city's housing challenges
Brad Lander
0:54:47
I on this, finally, I'll just mention I was pleased to put forward an idea, with, with Micah Lascher in the daily news this weekend that we're really excited about, modeled on a program some universities do.
0:55:01
This would use pension fund dollars rather than subsidy dollars, to to invest alongside city workers to make it possible for folks to buy homes because it is now so hard for a teacher or an H and H nurse or, to afford to buy a home in this city.
0:55:20
And and we need a new round of Mitchell Lama like development.
0:55:23
That is part of what the council's proposal, in the budget responses for.
0:55:28
But even faster than that, this program would say, okay.
0:55:32
You know, if you're a teacher who could afford, you know, to buy a home for 3.50, but the home that you're looking at is 7, you'd buy half and the pension funds would essentially buy the other half.
0:55:46
You could live there.
0:55:46
When you sold it, you would split the proceeds 50 50 so the pension funds would still see a nice return, but it could create a homeownership opportunity for a new generation of the workers who serve our city.
0:55:57
We need a lot more housing creativity, a lot more development, a lot more vouchers, private sector, and public sector collaboration, and that I do really think should be priority 1 for all of us.
