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Dear New Yorkers,
In a city where the rent is too damn high and the housing stock is too damn low, protecting tenants’ rights and reducing housing instability has never been more important.
That’s why I’m proud to announce that the New York City Employees’ Retirement System (NYCERS) is adopting NEW standards [[link removed]] that will require their private residential real estate asset managers to honor tenant protections. Thanks to For the Long Term [[link removed]] and the Ford Foundation [[link removed]] for their partnership on this two-year project [[link removed]] .
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Read more in the Wall Street Journal. [[link removed]]
Our new standards protect tenants in buildings owned or managed by asset managers on behalf of NYCERS, and in doing so safeguard the long-term sustainability and profitability of our real-estate investments.
Right now, there is no set uniform standard or regulation for property management practices in residential real estate across the country. Instead, a set of inconsistent patchwork landlord-tenant laws are in place.
This is unacceptable.
But our new “ Rental Property Management Standards [[link removed]] ” – the first of their kind adopted by a public pension fund in the US – keep landlords from jacking up the rent or failing to provide 30 days’ notice for eviction filings. And I look forward to seeing similar standards adopted by pension funds and real estate investment firms nationwide.
My office is constantly coming up with creative solutions to confront the City’s housing affordability crisis. Our recent investment in the acquisition of failed Signature Bank’s loan portfolio is preserving over 35,000 affordable rental units [[link removed]] while yielding strong pension returns. And I’m proud to have issued the City’s first social bonds, [[link removed]] generating over $1 billion to finance over 7,000 new units of low-income housing.
But we still have a lot of work to do. Housing First [[link removed]] policies are urgently needed to effectively end street homelessness [[link removed]] and better support mentally ill New Yorkers [[link removed]] . Overall, as research [[link removed]] from my office suggests, stronger management is needed at the Housing Department Development to dramatically increase the pace of housing development.
Our investments do well when we do right by the people – and protecting the housing security of thousands of people while protecting New Yorkers is one of the strongest possible investments we can make. Read more about our new Rental Property Management Standards. [[link removed]]
Thanks,
Brad
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The Office of New York City Comptroller
Our mailing address is:
Office of New York City Comptroller Brad Lander
1 Centre Street
New York, NY 10007
United States
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