Resources

March

2023

17

Letter to NYS Senate Majority Leader Stewart-Cousins and Assembly Speaker Heastie Calling for Passage of the NYS Public Banking Act

We write to express our alarm over recent reports that hundreds of millions of dollars in public deposits belonging to New York local governments are held at failed Signature Bank. Our coalitions, which include dozens of community and labor groups representing hundreds of thousands of New Yorkers, strongly urge you to pass the New York Public Banking Act (S1754/A3352) this session and give local governments a sorely-needed “public option” for holding public deposits.

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February

2023

23

Testimony to the New York City Council Committee on Housing and Buildings, in Support of the Community Land Act

The Community Land Act is a bold legislative package that will give CLTs and other nonprofits tools to acquire land for permanently affordable social housing, affordable commercial and community spaces, and other critical needs. We urge the Committee and Council to pass the Community Opportunity to Purchase Act, or COPA (Int. 196), Public Land for Public Good (Int. 637), and Resolution 38 in support of the NYS Tenant Opportunity to Purchase Act, or TOPA.

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February

2023

2

Leaving the Speculators in the Rear-View Mirror: Preserving Housing with Municipal Arrears Through Off-Ramps from the Speculation Superhighway

Report Cover

A system to replace NYC’s tax lien sale should advance critical affordable housing and equitable development goals. This report outlines a framework through which New York City can enforce the collection of property tax arrears and other debts, in ways that prevent the displacement of vulnerable homeowners, preserve affordable rental units, and expand the pipeline of properties for new development.

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March

2022

28

Letter to NYC Public Banking Commission Calling for De-Designation of Wells Fargo

We, the undersigned 25 organizations, including members of the Public Bank NYC coalition, write to you in your roles as members of the NYC Banking Commission (“the Commission”) regarding the recent Bloomberg Businessweek investigation into Wells Fargo’s discriminatory mortgage lending practices.1 For the reasons outlined below, we call on the Commission to revoke unconditionally Wells Fargo’s designation to hold City deposits.

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March

2022

14

Testimony to NYC Council Committee on Housing & Buildings, Preliminary Budget Hearing for FY2023

I’m pleased to testify today about community land trusts (CLTs), and to urge the Committee to support $3 million in FY2023 funding for the Citywide CLT Initiative. New Economy Project further urges the Committee to advance legislation to strengthen CLTs and expand non-speculative, community- and tenant-controlled housing. In the wake of the pandemic, public investment in CLTs and other forms of social housing will be critical to stabilize housing, combat speculation, and promote a just recovery in low income and Black and brown neighborhoods hardest-hit by the COVID-19 crisis.

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March

2022

1

Testimony Before NYS Senate Standing Committees on Banks, Finance, and Environmental Conservation, Joint Public Hearing to Explore Financial Risks on Banking Posed by Climate Change

As you know, climate scientists for decades have warned that fossil fuels are wreaking havoc on our environment and that bold, concerted action is needed to address the climate crisis. Yet, in the six years since the Paris Agreement, banks have poured over $3.8 trillion into the fossil fuel industry, according to the Rainforest Action Network.i Banks’ funding of fossil fuels is accelerating the climate crisis, which is becoming deadlier each year.

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February

2022

16

Testimony Before Joint Legislative Hearing on Economic Development and the Fiscal Year (FY) 2022-23 Executive Budget Proposal

As low-income communities and communities of color across the state continue to reel from the economic devastation caused by COVID-19, this year’s budget presents an historic opportunity to make bold investments that will drive equitable local economic development for years, and even decades, to come. We urge both houses of the Legislature to allocate $100 million for the NYS CDFI Fund and $100 million in matching funds to help local governments capitalize public banks, and to adopt, as part of the budget, the NY Public Banking Act (S1762A/A8290), which creates a safe and appropriate regulatory framework for local public banks in New York.

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January

2022

19

Statement from NYS Community Equity Agenda Coalition: Hochul’s Budget Proposal Squanders Historic Opportunity to Invest In Communities

With yesterday’s Executive Budget proposal, Governor Hochul had the opportunity to present a bold community economic development agenda that addresses long-standing racial and economic inequality that the pandemic has exacerbated. Unfortunately, with few exceptions, this budget proposal offers more of the same.

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