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.
WBAI’s Living for the City — The move toward the creation of a Public Bank in NYC–its status and necessity, explained by Andy Morrison, associate director of New Economy Project.
Hell Gate — In 2021, New York City officials won praise when the boards of several of the City’s five pension funds voted to divest $4 billion from firms invested in fossil fuels. “Today is a major victory for our planet, our children, and our pensioners,” the City Comptroller’s office declared in a statement.
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.
Marketplace — Amid the recent implosions of Silicon Valley Bank and Signature Bank, advocacy groups have continued to push for what they call a safer alternative to the private sector: banking services provided by the government.
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.
NY State of Politics — Supporters of a measure that would create public banks in New York pointed to the recent failures of financial institutions like Silicon Valley Bank and Signature Bank as an impetus for the passage of a measure that would enable public options for deposits.
Gothamist — A run on New York-based Signature Bank put tens of millions of taxpayer dollars at risk, fueling calls for more scrutiny of banks the city uses to hold the public’s cash.
New York Amsterdam News — Passionate Black and brown housing advocates from across New York City rallied at City Hall last Thursday to demand the passage of “social housing” bills that would address the city’s housing crisis.