Press Releases

Public Bank NYC announced today that it has received a three-year, $276,000 grant from the Scherman Foundation’s Katharine S. and Axel G. Rosin Fund. The award supports the coalition’s campaign for a municipal public bank in New York City, and represents the first major grant that Public Bank NYC has received for its members since its launch in summer 2018.

NYC Comptroller — Today, New York City Comptroller Scott M. Stringer proposed a comprehensive roadmap to tackle the next frontier in decarceration: a maze of onerous mandatory surcharges and service fees, which represents an all-but-hidden secondary form of punishment for those involved in the justice system, inhibits re-entry for formerly incarcerated individuals, foments recidivism, and burdens families for years beyond a formal prison term.

Community and affordable housing activists are celebrating NYC Council’s announcement of $870,000 in FY2020 discretionary funding for community land trusts (CLTs) across NYC. The funding will help incubate and expand CLTs to develop permanently-affordable housing and curb displacement in low-income NYC neighborhoods.

Dozens of community land trust (CLT) organizers, supporters, and community members rallied this morning at City Hall, urging the NYC Council to support a new funding initiative to incubate and expand CLTs in all five NYC boroughs. The proposed initiative, championed by Council Members Donovan Richards and Carlina Rivera, comes at a critical moment, as more than a dozen CLTs are taking root in the South and Northwest Bronx, East Harlem, Brownsville, Jackson Heights, and beyond, to curb displacement and advance community-led development.

Amazon’s decision to withdraw its proposed headquarters from Queens is a huge win for New Yorkers and New York communities, and should mark a dramatic turning point in New York’s approach to economic development.

The next DFS Superintendent must commit to taking bold action against financial companies that systematically exploit New Yorkers and extract wealth from New York communities. As the state’s chief regulator of the banking, insurance, check cashing, bail bond, and other financial industries, DFS has an obligation to advance racial, gender and economic justice. Given the Trump administration’s gutting of the federal Consumer Financial Protection Bureau and its ongoing attacks on immigrants, people of color and women, the need for a bold and resolute state financial regulator has never been clearer.

Our organizations support the concept of “postal banking,” as a potentially transformative form of public banking. As banks continue to redline New York neighborhoods — perpetuating poverty, inequality, and segregation — bold solutions like postal banking are clearly needed. Some recently-introduced proposals, however, would exacerbate our two-tiered financial system and promote debt as a solution to people’s financial struggles.

More than two of every five middle class New Yorkers in their 50s are headed for poverty or near-poverty in retirement. Typical workers in the bottom 90 percent of earnings will need almost a third more income in retirement to maintain their standard of living. And fewer workers of color have access to workplace retirement savings option than whites – escalating their potential for experiencing ‘downward mobility.’