New York City pension funds commit $300 million to affordable housing
Four New York City municipal pension funds will invest $300 million in the AFL-CIO Housing Investment Trust, Comptroller Mark Levine announced Thursday, in a new effort to finance more apartments across the five boroughs.
The investment is the first allocation under Levine’s broader plan to direct $4 billion in city pension assets into housing over the next four years. The move is aimed at easing a severe shortage that has pushed rents higher and left fewer than 1% of apartments renting for under $2,400 available, according to the city’s latest housing survey.
The comptroller’s office said the city’s five municipal pension funds hold more than $326 billion in assets. Officials said the labor-linked trust has helped build more than 44,000 homes in New York City over the past four decades and is expected to help finance another 10,000 in the coming years.
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