NYC Pension Funds Commit $300 Million to AFL-CIO Housing Trust as Rents Hit $4,200
Updated
Updated · Gothamist · Sep 17
NYC Pension Funds Commit $300 Million to AFL-CIO Housing Trust as Rents Hit $4,200
2 articles · Updated · Gothamist · Sep 17
Summary
$300 million from four New York City municipal pension funds will go to the AFL-CIO Housing Investment Trust, marking the first deal under Comptroller Mark Levine’s plan to steer $4 billion into housing over four years.
Levine said the money is meant to unblock projects stalled for financing as the city’s housing shortage deepens: vacancy for apartments under $2,400 is below 1%, and median asking rents have climbed to $4,200.
The union-linked trust said the new capital will help fund an imminent loan for improvements at a large Brooklyn co-op and support a pipeline of 10,000 proposed and existing units citywide.
The trust has financed more than 44,000 New York City homes over four decades, typically using union labor and mixed-income models that pair market-rate units with apartments reserved for lower- and middle-income residents.
Levine said the pension funds have already invested more than $500 million with the trust since 2002 and earned steady returns, underscoring the city’s push to pair pension performance with housing production.