NYC Comptroller Brad Lander announced a major investment to preserve thousands of affordable housing units and deliver healthy returns for retirees, following the collapse of Signature Bank. The $60 million investment from NYCERS pension fund aims to preserve 35,000 units from Signature's portfolio.
Housing advocates have long criticized Signature's housing practices, with some of the city's worst landlords having the bank as a lender before its collapse. Mayor Eric Adams expressed pride in the investment to preserve mostly rent-stabilized units affected by the bank's failure, emphasizing the importance of this housing for working-class New Yorkers.
NYCERS became a 25% partner in Community Stabilization Partners, a new venture acquiring a 5% equity interest in Signature's rent-stabilized loan portfolio. Related Fund Management, Community Preservation Corporation, and Neighborhood Restore are also involved in the effort to preserve affordable housing.
The investment signifies a collaborative effort to address the impact of the collapse of Signature Bank, aiming to make NYC more affordable and livable for its residents. Various organizations with expertise in affordable housing preservation are involved in the initiative.
#affordable-housing #nycers-pension-fund #signature-bank-collapse #housing-preservation #community-stabilization-partners
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