NYC Housing 10 Issues Series #4: City Pension Funds
In the 2013 NYC mayoral election, some candidates suggested tapping the city pension funds as a way to maintain or increase the funding available to create and preserve affordable housing. The pension funds of New York City have some $137 billion in assets and might appear to be a valuable source of capital. However, the law limits the potential uses of these funds and restricts the mayor’s ability to control their use. This brief outlines the tradeoffs of using city pension funds as a potential source of capital to fund affordable housing efforts, as well as the severe limits on their use and the mayor's control of that money.
The #NYChousing series, published in 2013 prior to the New York City mayoral election, identified 10 key affordable housing issues that were likely to confront the next mayor of New York City. The series aimed to inform the public about the policy tradeoffs by providing an objective analysis of the pros, cons, and questions related to key housing issues facing New York City. How the incoming New York City mayor would choose address the city's housing challenges in an environment of increasing needs, declining federal support, and a strengthening real estate market would have an enormous effect on the livability, diversity, and character of the city.