New Economy Project welcomes Mayor de Blasio’s announcement in today’s “State of the City” address that the Administration will expand support for community land trusts in New York City, as part of his “Blueprint to Save Our City.” The announcement comes after years of work by New Economy Project and partners to advance CLTs in NYC, as a key strategy for advancing racial and economic justice and building community wealth.
CLTs represent a bold solution for addressing NYC’s affordability and homelessness crises, and for stemming the systematic extraction of wealth from NYC neighborhoods of color and immigrant neighborhoods. By taking land out of the speculative market and ensuring community control over land, CLTs can help curb gentrification and displacement. Emerging CLTs are working to provide deeply- and permanently-affordable housing, as well as affordable commercial space for local small businesses and other community needs.
The Mayor’s announcement builds on recent CLT momentum that includes the City Council’s funding of CLTs in the City’s FY2020 budget; passage of NYC legislation codifying CLTs; and incubation of more than a dozen CLTs in all five NYC boroughs. It also comes on the heels of historic tenant wins in Albany.
New Economy Project looks forward to working with our coalition partners, the Mayor, City Council, and others to ensure that NYC’s support for CLTs advances the transformational change sorely needed in our City.