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Testimony to the New York City Council Committee on Economic Development Preliminary Budget Hearing for FY 2022
New Economy Project and 17 partner organizations in the CLT Initiative seek $1.51 million in City Council discretionary funding in FY2022. We urge the Committee to support this funding request and ensure that CLTs continue to play a key role in stabilizing communities, combating speculation, and promoting a just recovery in Black, brown and immigrant…
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Letter from 100+ groups in support of the New York Public Banking Act
We, the undersigned 104 organizations, respectfully urge you to support S.1762-A (Sanders)/A.5782 (Pichardo), the “New York Public Banking Act.” This carefully-crafted legislation creates a safe and appropriate regulatory framework for cities, counties, and regions seeking to establish public banks. It authorizes the NYS Department of Financial Services to issue special-purpose public bank charters, paving the…
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Testimony to the NYC Council Committee on Housing and Buildings, and Subcommittee on Capital Grants Preliminary Budget Hearing for FY 2022
New Economy Project coordinates the Citywide Community Land Trust (CLT) Initiative, launched in FY2020 to strengthen and expand CLTs and permanently affordable housing, commercial and community spaces, across NYC. In less than two years, the Initiative has made major progress–helping to launch and expand CLTs in the South and Northwest Bronx, East Harlem and the…
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Legislative Memo: “New York Public Banking Act”
This bill creates a safe and appropriate regulatory framework for local governments seeking to establish public banks. Public banks are financial institutions created by government entities, and accountable to the people. Through public banking, cities and counties can manage their own revenues and leverage those funds to support local economic development, including affordable housing, green…
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Testimony Before the NYC Council Committee on Housing and Buildings, Oversight Hearing on Community Land Trusts and Land Banks
NYC needs transformative, community-led solutions to our city’s affordability crisis that advance racial equity and a just recovery. I am pleased to testify in support of Intro 1977, the Community Opportunity to Purchase Act (COPA), and Intro 118-A, to establish a municipal land bank. Passage of these bills will give communities–and the City, itself–new tools…
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Sign-On Letter Opposing the OCC’s Proposed “Fair Access to Financial Services” Rule
The Center for Responsible Lending and the undersigned consumer, faith, community, and civil rights groups write to strongly oppose the Office of the Comptroller of the Currency (OCC)’s proposal to unreasonably limit banks’ ability to decide not to serve particular entities.
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Testimony Before the NYC Council Committee on Finance, on Reauthorization of the NYC Tax Lien Sale
We urge the Council not to introduce legislation reauthorizing the tax lien sale, and work with community partners, including community land trusts (CLTs), to develop an alternative and equitable system to address property tax arrears and, when appropriate, property disposition. The City’s practice of selling municipal debt to a private, investor-backed trust fuels speculation and…
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Letter to Mayor de Blasio and Speaker Johnson, Opposing Reauthorization of NYC’s Lien Sale for Property Tax, Water and Other Municipal Debts
[Download PDF] November 18, 2020 NYC Mayor Bill de Blasio City Hall New York, NY 10007 NYC Council Speaker Corey Johnson City Hall New York, NY 10007 Re: Not Reauthorizing NYC Lien Sale for Property Tax, Water and Other Municipal Debts Dear NYC Mayor de Blasio and Council Speaker Johnson, We write to you today…
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Comment Letter Opposing Trump Administration’s Proposed “True Lender” Rule
New Economy Project writes to register its vehement opposition to the Office of the Comptroller of the Currency’s proposed “true lender” rule. In one fell swoop, the proposal would effectively obliterate New York’s longstanding usury laws and legalize, for the first time in our state’s history, predatory payday lending. The proposed rule is consistent with…
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Statement: #BlackLivesMatter
New Economy Project condemns the murders of George Floyd, Breonna Taylor, Tony McDade, and Ahmaud Arbery, and the continued loss of Black life at the hands of the state. We mourn their deaths, and stand with all who are demanding justice and taking to the streets to protest anti-Black racism and police brutality. Police violence…
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Sign-On Letter Urging NYS to Keep Proceeds from the Stock Transfer Tax to Help Maintain Funding for State Services
Protecting New York’s essential workers will be vital to the state’s recovery, yet they are disproportionately burdened by the impact of the pandemic. At a time when the risk is not being shared equally, why should those currently bearing the biggest load of keeping society together take the biggest budgetary hit? Instead of placing the…
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Testimony Before the New York City Council Committee on Finance, on Funding for the Citywide Community Land Trust (CLT) Initiative
New Economy Project and 14 partner organizations are part of a citywide Community Land Trust (CLT) Initiative that seeks $1.5 million in FY2021 City Council discretionary funding. More than ever, NYC needs CLTs to provide stable and permanently-affordable housing, combat displacement, and ensure a just recovery for all New Yorkers. We urge the Council to…