News & Events
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As NYC Council Holds Hearing on Groundbreaking Public Banking Bills, New Analysis Shows NYC’S ‘Designated Banks’ Extracted $5 Billion in Predatory Overdraft Fees During COVID-19
As the NYC Council’s Committee on Finance held its first hearing on a package of bills laying groundwork for a municipal bank, the Public Bank NYC coalition released new findings showing NYC’s “Designated Banks” – those authorized to hold municipal deposits – exacted more than $5 billion in predatory overdraft fees in 2020, as the COVID-19 pandemic…
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NY State of Politics: Why Lawmakers Want to Create Public Banks
NY State of Politics — State lawmakers in New York want to lay down the regulatory framework for municipalities to create local public banks in order to extend and expand access to communities of color in the post-COVID-19 economy.
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NYS Legislators, Groups Call for Local Public Banks to Help Lead Recovery, Advance Racial and Economic Justice
Today, community, labor, and cooperative groups from across the state joined NYS Senate Banks Chair James Sanders Jr. and NYS Assembly Banks Chair Victor M. Pichardo to rally for the “New York Public Banking Act” (S1762A/A5782). The bill creates a regulatory framework for New York cities, counties and regions seeking to establish local public banks—financial…
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Strong, Prosperous, And Resilient Communities Challenge: Community Ownership Collaborations for Resilience and Impact
This report from the Strong, Prosperous, And Resilient Communities Challenge (SPARCC) examines successful community ownership strategies across the United States, including the work of New Economy Project and the New York City Community Land Initiative (NYCCLI) to expand community land trusts in NYC.
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The Appeal: New York City Considers a Bold Idea to Keep People From Being Pushed Out of Their Homes
The Appeal — Across New York State, millions of tenants are at risk of eviction and property values are falling. A recent analysis found that New York City renters in neighborhoods hit hardest by COVID-19—largely Black and Latinx communities—face nearly four times the number of eviction cases as less hard-hit areas. Local housing justice advocates fear a repeat of the…
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100+ Community And Labor Groups Back Groundbreaking Bill To Make Public Banking A Reality In New York
Today, more than 100 community, labor, and cooperative groups and community development financial institutions from across New York State delivered a letter to state legislative leaders, urging swift passage of the “New York Public Banking Act” (S1762A/A5782) as an urgent strategy to advance racial equity and ensure a just recovery for all New Yorkers.
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How the MTA Targets Poor New Yorkers of Color to Collect on Old, Alleged Debts (Even During the Pandemic)
The pandemic has placed the MTA at the center of the news, but its violations of New Yorkers’ civil rights have gone on for years. Through our NYC Financial Justice Hotline, New Economy Project has helped dozens of New Yorkers presenting the same disturbing facts: Without any notice, MTA took their tax refunds to pay…
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NYC Council Lays Groundwork to Abolish Giuliani-Era Lien Sale
The City Council has passed legislation charting the course for ending New York City’s tax lien sale, and replacing it with an equitable municipal debt collection system that preserves affordable housing and stabilizes Black and brown NYC neighborhoods.
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