In our latest newsletter, we share a new national profile of our work advancing community ownership; highlights from the annual “Worst Banks Awards;” our new Fintech Paycheck Extraction Clock; and a major housing victory for low-income tenants and homeowners.
Plus, our own Abigail Savitch-Lew is releasing her debut novel, Livonia Chow Mein—a story based in Brownsville, Brooklyn, that features a community land trust organizer as one of its main characters.
Read on for all that and more.
WE OWN IT
The Center for Community Investment published a new profile, “New Economy Project Advances Community Ownership in New York,” as part of its “Ecosystem Stewardship” series, highlighting organizations working to expand cooperative and community ownership across the U.S.
The profile details New Economy Project’s history and current work to advance systems change in New York City through coalition building, policy advocacy, non-extractive lending, technical and strategic support, and more.
STOP TAKING OUR PAY
New Economy Project just launched a Fintech Paycheck Extraction Clock, a new online tool tracking—in real time—the massive fees that so-called “earned wage access” (EWA) payday lenders extract from New Yorkers’ paychecks.
Learn more:
- Thirteen federal courts have now found that EWA advances are loans—including a federal judge in New York earlier this month. Our latest blog post breaks down the ruling and why Albany must crack down on Big Tech-backed payday lenders.
- New Economy Project appeared on the Capitol Pressroom to discuss the Stop Taking Our Pay (STOP) Act, which would rein in predatory payday loan apps.
Take Action! Urge your state legislators to pass the STOP Act.
WALL STREET’S WORST
The Public Bank NYC coalition—coordinated by New Economy Project—presented the 2026 Worst Banks Awards, our annual mock awards ceremony (dis)honoring Wall Street’s biggest offenders.
This year’s winners included Citibank, which took home the “Lifetime Aggrievement” award after enabling the Trump administration’s seizure of $80 million in NYC funds; and Citizens Bank, which received the “Inhumanitarian” award for financing private prisons and ICE detention.
Coalition members sounded off on the need to divest from banks that harm New Yorkers and NYC neighborhoods—and to establish a public bank for the public good.
Read play-by-play coverage of the event in The Village View.
VICTORY: MAMDANI HALTS TAX LIEN SALE!
In a major win for New Yorkers, Mayor Mamdani canceled the 2026 tax lien sale, halting the city’s practice of selling off municipal property tax and water debts to private investors. New Economy Project is a proud member of the Abolish the Tax Lien Sale Coalition—led by East New York Community Land Trust—which has organized for years to end this predatory policy.
We look forward to working with the administration to implement a land bank and other policies that stabilize tax-distressed properties, keep New Yorkers in place, and protect urgently needed affordable housing. Read the coalition’s statement and coverage in Gothamist.
STAFF SPOTLIGHT
Please join us in congratulating our Storytelling & Communications Coordinator Abby Savitch-Lew on the release of her debut novel, Livonia Chow Mein! Described by Kirkus Reviews as, “A vivid, savory blend of family saga, cultural history, and detective story, rich with urban life and lore,” the novel also features a main character who is a community land trust organizer.
OUT AND ABOUT
Our Executive Director Deyanira Del Rio spoke at CUNY School of Law’s The City Is Ours summit on “Radical Municipalism and Economic Democracy.” She was joined by our Skadden Fellow Chelsea Diaz who co-led a workshop on Community Land Trusts & Cooperative Ownership.
Our Associate Director Andy Morrison moderated a panel at this year’s SOMOS New York Conference in Albany on the Stop Taking Our Pay Act, a bill we co-drafted to rein in Big Tech payday lenders that exploit working-class New Yorkers and communities of color. The panel included representatives of AARP-NY, District Council 37 AFSCME, and Hispanic Federation.
Our Executive Director Deyanira Del Río presented at the National Community Reinvestment Coalition’s Just Economy Conference in Washington, D.C., on “Evolving Local Ecosystems for Community Ownership.”
Our Law Clerk Jamilah McMillan and Paralegal Nilufahr Cooper distributed financial justice know-your-rights material to community residents, at a Far Rockaway resource fair hosted by Council Member Selvena Brooks-Powers.
