Resources
-
Testimony Before the New York City Council Committee on Finance, in Support of the People’s Bank Act
This year, the City of New York will collect more than $100 billion in revenue, from taxes and other sources, to fund public services. Currently, most of this money is placed on deposit with large, commercial banks that systematically harm New Yorkers and finance fossil fuels, speculative real estate, and other destructive industries. Public banking…
-
Letter to NYS Senate Majority Leader Stewart-Cousins and Assembly Speaker Heastie Calling for Passage of the NYS Public Banking Act
We write to express our alarm over recent reports that hundreds of millions of dollars in public deposits belonging to New York local governments are held at failed Signature Bank. Our coalitions, which include dozens of community and labor groups representing hundreds of thousands of New Yorkers, strongly urge you to pass the New York…
-
Testimony to the New York City Council Committee on Housing and Buildings, in Support of the Community Land Act
The Community Land Act is a bold legislative package that will give CLTs and other nonprofits tools to acquire land for permanently affordable social housing, affordable commercial and community spaces, and other critical needs. We urge the Committee and Council to pass the Community Opportunity to Purchase Act, or COPA (Int. 196), Public Land for…
-
Leaving the Speculators in the Rear-View Mirror: Preserving Housing with Municipal Arrears Through Off-Ramps from the Speculation Superhighway
A system to replace NYC’s tax lien sale should advance critical affordable housing and equitable development goals. This report outlines a framework through which New York City can enforce the collection of property tax arrears and other debts, in ways that prevent the displacement of vulnerable homeowners, preserve affordable rental units, and expand the pipeline…
-
Comments on Community Reinvestment Act Proposed Rulemaking
Our comments focus on three critical areas related to the CRA NPR: (1) the longstanding need to focus squarely on race; (2) regulatory examination and enforcement; and (3) the imperative to consider banks’ role in climate change.
-
Banking for the Public Good: Public Bank NYC
A new report from Demos and New Economy Project calls on New York City to establish a public bank to divest city dollars from Wall Street and channel capital to Black and brown communities to promote racial equity and a just recovery.
-
Letter to NYC Public Banking Commission Calling for De-Designation of Wells Fargo
We, the undersigned 25 organizations, including members of the Public Bank NYC coalition, write to you in your roles as members of the NYC Banking Commission (“the Commission”) regarding the recent Bloomberg Businessweek investigation into Wells Fargo’s discriminatory mortgage lending practices.1 For the reasons outlined below, we call on the Commission to revoke unconditionally Wells…
-
Testimony to NYC Council Committee on Housing & Buildings, Preliminary Budget Hearing for FY2023
I’m pleased to testify today about community land trusts (CLTs), and to urge the Committee to support $3 million in FY2023 funding for the Citywide CLT Initiative. New Economy Project further urges the Committee to advance legislation to strengthen CLTs and expand non-speculative, community- and tenant-controlled housing. In the wake of the pandemic, public investment…
-
Testimony Before NYS Senate Standing Committees on Banks, Finance, and Environmental Conservation, Joint Public Hearing to Explore Financial Risks on Banking Posed by Climate Change
As you know, climate scientists for decades have warned that fossil fuels are wreaking havoc on our environment and that bold, concerted action is needed to address the climate crisis. Yet, in the six years since the Paris Agreement, banks have poured over $3.8 trillion into the fossil fuel industry, according to the Rainforest Action…
-
Testimony Before Joint Legislative Hearing on Economic Development and the Fiscal Year (FY) 2022-23 Executive Budget Proposal
As low-income communities and communities of color across the state continue to reel from the economic devastation caused by COVID-19, this year’s budget presents an historic opportunity to make bold investments that will drive equitable local economic development for years, and even decades, to come. We urge both houses of the Legislature to allocate $100…