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John — Brad just announced a $60 MILLION investment in affordable housing! New York City pension funds are investing $60 MILLION in affordable housing, protecting nearly 35,000 rental units across the City — over 80% of which are rent-regulated. John, this is the largest single investment to protect rent-stabilized housing by the pension funds in New York City’s history — because Brad knows addressing the housing affordability crisis is key to our City’s future. Housing is the single biggest affordability issue in NYC, driving families out of the City and increasing homelessness. In fact, NYC lost 546,000 in population between April 1, 2020, and July 1, 2023. To put it simply, the rent is too damn high. But Brad is putting up a fight. If you've saved your payment information with ActBlue Express, your donation will go through immediately: How did this opportunity come about? After Signature Bank collapsed last spring in the fourth largest bank failure in American history, its enormous mortgage portfolio — which included thousands of vulnerable rent-stabilized units across the City — was auctioned off. The Community Preservation Corporation (CPC) and Related Fund Management (RFM) partnered to purchase a 5% equity interest in Signature Bank’s rent-stabilized loan portfolio. Then, NYC pension funds committed a 25% investment in the $5.8 billion unpaid principal balance. In total, the $60 million investment covers approximately 1,140 buildings and 35,000 units — representing about 3% of New York City’s entire rent-regulated housing stock. It’s just one example of the creative solutions Brad is spearheading to make NYC work for all New Yorkers. Thank you, Team Lander |
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