Comptroller proposes $4B pension investment in affordable housing

Levine's idea would more than double current pension investments in housing

The city’s five pension funds would invest $4 billion in affordable housing and preservation over the next four years under a proposal announced by Comptroller Mark Levine April 15. The NYC Housing Investment Initiative seeks to finance new mixed-income, workforce and affordable housing, preserve existing affordable housing before it is lost and support office-to-residential conversions, according to the Comptroller's office. 

“Too many New Yorkers are struggling just to keep a roof over their heads,” Levine said in a statement. “Solving this crisis takes action on all fronts. We’ve advanced critical zoning changes, but without financing, housing doesn’t get built. The NYC Housing Investment Initiative is about closing that gap, delivering the homes New Yorkers need, and making sound investments for the New York City retirement systems.”