Mark Levine, the Manhattan Borough President, is running for city Comptroller and aims to tackle New York City's affordable housing crisis with a new plan. He intends to use the municipal pension fund, through an initiative called the NYC Affordability Fund, to finance the creation and preservation of up to 75,000 affordable housing units over the next ten years. Levine emphasizes the need to protect working families and seniors from being pushed out of their neighborhoods, addressing a critical housing shortage, and utilizing approximately $2.5 billion currently unallocated within the pension fund.
We cannot let our city's working families, seniors, and municipal employees be pushed out of the very neighborhoods they help sustain.
Levine's proposed new fund would create a vehicle for allowing developers to tap into $2.5 billion in unused pension fund dollars.
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