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City, labor, private firm will partner on working-class housing

Union pension funds will help raise initial $100 million

Posted 3/15/24

A month after a report concluded the city’s housing vacancy rate had dropped to a historic low, the Adams administration announced it would partner with a construction union and a real estate firm to raise upward of $400 million to build affordable housing for the working class.

The public-private initiative will be initially bankrolled by $100 million in pension funds from 11 unions affiliated with the Building and Construction Trades Council of Greater New York. The real estate investment management firm Cirrus is expected to raise the balance, according to the mayor’s announcement.  

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