New Economy Project coordinates the Citywide Community Land Trust (CLT) Initiative, launched in FY2020 to strengthen and expand CLTs and permanently affordable housing, commercial and community spaces, across NYC. In less than two years, the Initiative has made major progress–helping to launch and expand CLTs in the South and Northwest Bronx, East Harlem and the Lower East Side, Jackson Heights, Brownsville, East New York, and beyond.
This bill creates a safe and appropriate regulatory framework for local governments seeking to establish public banks. Public banks are financial institutions created by government entities, and accountable to the people. Through public banking, cities and counties can manage their own revenues and leverage those funds to support local economic development, including affordable housing, green jobs, equitable financial services, and more.
NYC needs transformative, community-led solutions to our city’s affordability crisis that advance racial equity and a just recovery. I am pleased to testify in support of Intro 1977, the Community Opportunity to Purchase Act (COPA), and Intro 118-A, to establish a municipal land bank. Passage of these bills will give communities–and the City, itself–new tools to keep New Yorkers safely housed, expand community land trusts and social housing, and curb speculation in the wake of COVID-19. We thank Council Member Rivera and Council Member Lander for their leadership and urge the Committee to advance this critical legislation.
The Center for Responsible Lending and the undersigned consumer, faith, community, and civil rights groups write to strongly oppose the Office of the Comptroller of the Currency (OCC)’s proposal to unreasonably limit banks’ ability to decide not to serve particular entities.
We urge the Council not to introduce legislation reauthorizing the tax lien sale, and work with community partners, including community land trusts (CLTs), to develop an alternative and equitable system to address property tax arrears and, when appropriate, property disposition. The City’s practice of selling municipal debt to a private, investor-backed trust fuels speculation and displacement in Black and brown neighborhoods, siphoning wealth from communities disproportionately harmed by historic inequities like redlining and disinvestment, and now hardest hit by COVID-19…
This memo, prepared with partners at the New York City Community Land Initiative, City College of New York, and TakeRoot Justice, provides a brief introduction to CLTs and proposes alternatives to the lien sale that prioritize CLTs, in partnership with mission-driven, nonprofit developers, as both resources for vulnerable homeowners and recipients of foreclosed properties.
[Download PDF] November 18, 2020 NYC Mayor Bill de Blasio City Hall New York, NY 10007 NYC Council Speaker Corey Johnson City Hall New York, NY 10007 Re: Not Reauthorizing NYC Lien Sale for Property Tax, Water and Other Municipal Debts Dear NYC Mayor de Blasio and Council Speaker Johnson, We write to you today […]
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