CDFIs

October

2023

31

Attorney General James Highlights Deep Racial Gaps in Homeownership Across New York

New York Attorney General Letitia James released a new report today detailing deep racial disparities in homeownership and access to home financing across the state. Among the report’s top findings is a stark racial gap in homeownership rates in every region in New York, with white households owning their homes at nearly double the rate of households of color. These disparities are a significant contributor to the racial wealth gap and result in higher housing costs for homebuyers of color, making it harder for communities of color to build lasting financial security and overcome decades of systemic discrimination in the housing market. The report also offers policy proposals to help close the homeownership gap. 

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November

2022

10

Yes!: How Activists Are Trying to Change the Way Banking Gets Done

Yes! — With $10 trillion in assets at their collective disposal, big banks like Chase and Wells Fargo could do a lot of good. Yet, despite being “too big to fail,” these banks fail people every day. Whether it’s the persistent use of predatory practices, their enduring discrimination, or their insistent investment in exploitative and extractive industries, these formidable financial institutions have a corrosive influence on our country.

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February

2022

16

Testimony Before Joint Legislative Hearing on Economic Development and the Fiscal Year (FY) 2022-23 Executive Budget Proposal

As low-income communities and communities of color across the state continue to reel from the economic devastation caused by COVID-19, this year’s budget presents an historic opportunity to make bold investments that will drive equitable local economic development for years, and even decades, to come. We urge both houses of the Legislature to allocate $100 million for the NYS CDFI Fund and $100 million in matching funds to help local governments capitalize public banks, and to adopt, as part of the budget, the NY Public Banking Act (S1762A/A8290), which creates a safe and appropriate regulatory framework for local public banks in New York.

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January

2022

19

Statement from NYS Community Equity Agenda Coalition: Hochul’s Budget Proposal Squanders Historic Opportunity to Invest In Communities

With yesterday’s Executive Budget proposal, Governor Hochul had the opportunity to present a bold community economic development agenda that addresses long-standing racial and economic inequality that the pandemic has exacerbated. Unfortunately, with few exceptions, this budget proposal offers more of the same.

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January

2022

14

Testimony Before NYS Senate Committees, on Effective Economic Development Strategies

New York’s approach to economic development desperately needs a reboot. We spend billions of dollars annually on wasteful corporate subsidies and tax giveaways – in the process diverting much-needed resources from higher education, transit, health care and other investments that would advance equity and economic opportunity in low-income neighborhoods and communities of color.

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November

2021

22

Daily News Op-Ed: The Public Bank New York City Needs

Fresh off his electoral victory, Eric Adams declared that his administration will look abroad for policy solutions to New York City’s myriad social and economic problems. “Let’s learn what they’re doing there so we can do it here,” he urged.

It just so happens, there’s a broad-based citywide coalition pressing for a bold policy solution that is common throughout the world: public banking. Bringing public banking to New York, as a proven strategy for addressing racial and economic inequality, should rank among Mayor-elect Adams’ top priorities.

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November

2021

18

Coalition of 40+ Community & Labor Groups Releases 5-Point Platform for a Community-Led Recovery, Racial and Economic Justice in NY

This afternoon the NYS Community Equity Agenda, a coalition of more than 40 community, labor, and civil rights groups, cooperative organizations, and community development financial institutions from across New York, released its policy priorities for 2022.

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April

2020

1

Let’s Be Real Episode 11: New York State Community Equity Agenda Pt.1

The next four episodes of Let’s Be Real focus on the NYS Community Equity Agenda, a statewide coalition that is calling for economic development that is community-led and grounded in community wealth-building and racial and economic justice. Each episode zooms in on an Equity Agenda priority, from promoting community-controlled financial institutions to ending wealth extraction throughout New York.

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