New Economy Project and 17 partner organizations in the CLT Initiative seek $1.51 million in City Council discretionary funding in FY2022. We urge the Committee to support this funding request and ensure that CLTs continue to play a key role in stabilizing communities, combating speculation, and promoting a just recovery in Black, brown and immigrant neighborhoods. (See attached one-pager detailing activities and participating organizations.)
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…
[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 […]
New Economy Project writes to register its vehement opposition to the Office of the Comptroller of the Currency’s proposed “true lender” rule. In one fell swoop, the proposal would effectively obliterate New York’s longstanding usury laws and legalize, for the first time in our state’s history, predatory payday lending. The proposed rule is consistent with the Trump administration’s broader efforts to dismantle critical protections and benefit corporate interests–in this instance, facilitating the systematic extraction of wealth from people and communities.
New Economy Project condemns the murders of George Floyd, Breonna Taylor, Tony McDade, and Ahmaud Arbery, and the continued loss of Black life at the hands of the state. We mourn their deaths, and stand with all who are demanding justice and taking to the streets to protest anti-Black racism and police brutality. Police violence […]
Protecting New York’s essential workers will be vital to the state’s recovery, yet they are disproportionately burdened by the impact of the pandemic. At a time when the risk is not being shared equally, why should those currently bearing the biggest load of keeping society together take the biggest budgetary hit? Instead of placing the burden of New York State’s economic recovery on the backs of working New Yorkers, it is only reasonable to ask those who benefit from Wall Street speculation to pay their fair share.