On Thursday, February 28, 2008, the P.I.E.* Campaign and City Comptroller Bill Thompson announced the new policy:
City pension funds will "opt out" of private equity investments in real estate deals that would render affordable housing unaffordable.
Click on "read more" below for the press conference notice.
*
P = Protection for tenants
I = Incentives for landlords to keep buildings affordable and in Mitchell-Lama
E = Enforcement of the law.
Last fall, the P.I.E. Campaign learned that New York City and State employees’ pension funds were investing in predatory equity groups that were buying and flipping Mitchell-Lama housing at unsupportable sales prices, putting the housing and the tenants at risk.
P.I.E. immediately took action by contacting Comptroller Thompson and urging him to put an end to this practice. After working with P.I.E. to analyze the problem, Thompson will be announcing the enactment of an opt-out policy that will enable the pension funds to decline investment in any predatory purchases of affordable housing in New York City.
This new policy sends an important message to predatory equity groups that they should not try to make money off of New York’s affordable housing. It will eliminate a major source of funds for predatory buyers and set a clear precedent for other city and state pension funds to do the same.
Please join the P.I.E. in making this historic announcement.
THURSDAY, FEB. 28
NOON (come at 11:30 to get through the metal detectors)
CITY HALL STEPS (Manhattan). If it's raining, go into the lobby.
