Last month we had a piece talking about Public Advocate Bill de Blasio's push to get the city pension funds investing locally.
It looks like it was a success: this week, the New York City Employees’ Retirement System, on which de Blasio sits as a trustee, adopted a resolution to increase investment in local investment opportunities in areas like affordable housing and infrastructure.
“With City unemployment stalled at just under 9 percent, it was imperative for us to act quickly to put the power of New York’s pension fund to work creating jobs across the five boroughs,” the Public Advocate said in a statement. “The investments that will result from the passage of my resolutions are proven to provide responsible returns while also creating jobs – this is a win-win for New York City.”
The proposal would see an additional $350 million in investments go to projects in city.