The article discusses proposals from Justin Brannan and Mark Levine, candidates for New York City comptroller, to utilize a portion of the city’s $280 billion pension fund for affordable housing. Brannan focuses on city worker housing, modeled after Electchester, while Levine plans to fund the construction of 75,000 affordable units via private developers. Levine argues housing is currently a safer investment than commercial real estate, promoting a dual advantage of providing affordable homes and ensuring stable returns for pensioners.
Historically, perhaps commercial real estate was seen as a safer investment, and that's no longer true. Actually, housing is a safer investment right now. So there's a possible win-win here where we can invest in New York City, we can get housing built that might otherwise be delayed for years, giving affordable homes to people in need, but also producing good, stable returns for our retirees.
Brannan wants to focus on constructing affordable housing specifically for city workers in a program modeled after Electchester, while Levine wants to produce 75,000 affordable units by helping private developers finance their delayed projects.
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