NYC Pension Plans to Invest $4 Billion in Affordable Housing

New York City’s $320 billion pension funds plan to invest $4 billion in affordable apartments, doubling their investment amid a city-wide housing crunch.

The five funds will allocate $1 billion annually over four years to support office conversions, purchase mortgages and build and preserve affordable apartments, City Comptroller Mark Levine said Thursday in a statement.

“We’ve advanced critical zoning changes, but without financing, housing doesn’t get built,” Levine said.

New York is experiencing its worst housing deficit in more than a half-century. A 2024 city survey found the vacancy rate for rentals dropped to 1.4%, the lowest since 1968. ...