Once Again, Albany Prioritizes Big Banks and Real Estate Over New York Communities

FOR IMMEDIATE RELEASE: June 22, 2023

Once Again, Albany Prioritizes Big Banks and Real Estate Over New York Communities

The NYS Community Equity Agenda released the following statement on the end of the 2023 legislative session:

“This year’s legislative session followed an all-too-familiar pattern of monied interests driving the state’s legislative agenda at the expense of working class New Yorkers. Our coalition strongly denounces Albany’s failure to enact the New York Public Banking Act (S1754/A3352), which would create a framework for local public banks that would leverage public deposits toward investments in affordable housing, small and worker-owned businesses, renewable energy, and other urgent needs in low-income communities and historically-redlined Black and brown neighborhoods. A majority of the State Senate and a near majority of the Assembly co-sponsor the legislation. Additionally, more than 100 local elected officials representing 33 cities and counties have urged Albany to enact the bill and pave the way for local public banking. Despite this overwhelming support, legislative leaders caved to opposition from the banking lobby, refusing to even allow the bill to move to a committee vote.

“We also stand with groups across the state in decrying Albany’s foot-dragging on common sense good cause eviction legislation (S305/A4454) and further condemn Albany’s failure to enact the Tenant Opportunity to Purchase Act (S3157/A5971), which would help create sorely needed permanently-affordable social housing across the state. Finally, we are deeply disappointed that Albany once again failed to enact the Consumer and Small Business Protection Act (S795/A7138), which would strengthen New Yorkers’ ability to challenge systemic wealth extraction from low-income communities and communities of color.

“Our coalition demands that lawmakers return to Albany committed to enacting policies that put people over profits. The New York Public Banking Act, good cause eviction, the Tenant Opportunity to Purchase Act, and the Consumer and Small Business Protection Act must be right at the top of the list.”

The NYS Community Equity Agenda is a broad-based coalition of more than 50 community, labor, legal services, civil rights, and cooperative organizations from across the state fighting for economic democracy and racial justice in New York.