In the News

NYN Media — With over half of New York City tenants spending nearly a third of their income on rent, affordable housing is crucial to ensuring a safe future for New Yorkers. That’s why advocates in have rallied and thrown their support behind the Community Land Act, a package of bills before the New York City Council that would provide nonprofits and community land trusts with the resources to develop permanently affordable housing. Community land trusts hold land under community control, thus guaranteeing the community derives benefits from it. Spearheading this campaign is the NYC Community Land Initiative, a coalition of housing organizations trying to expand social housing. 

The Nation — After Silicon Valley Bank failed earlier this month—the largest bank to do so since Washington Mutual in 2008—blame was rightfully placed on a number of culprits: congressional deregulation, reckless Federal Reserve policy, and of course, absurd mismanagement from the board of the bank itself.

Public News Service — The New York State Legislature is considering a bill to allow the creation of public banks. The New York Public Banking Act would authorize municipal and other local governments to form and control public banks through ownership interests such as capital stock. The hope is these banks will invest in community endeavors rather than interests in line with making the bank profit. A report from the Rainforest Action Network said some of the largest banks in the nation are heavily invested in the fossil-fuel industry despite world policy shifts to renewable energies.

Vice — The failure of Silicon Valley Bank and Signature Bank, both known for making risky investments and concentrating on banking speculative sectors, is invigorating the nationwide movement to get cities and states to put their deposits in public banks, which are designed to reinvest in communities and which do not have to reap profits for shareholders.

Join the Movement!