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New York City to Spend $4 Billion From Pension Funds on Affordable Homes

The $4 billion would help pay for mixed-income projects, conversions of offices to apartments, renovations to aging buildings and new middle-income apartments built by union workers.
The $4 billion would help pay for mixed-income projects, conversions of offices to apartments, renovations to aging buildings and new middle-income apartments built by union workers.

A 33-story mixed-income high-rise in Midtown Manhattan, with rents as low as $1,000 for one-bedroom apartments. A 30-unit apartment building in the Bronx for survivors of domestic violence who have struggled with homelessness. A Brooklyn building for formerly incarcerated women and their families.


These are some of the affordable housing projects that have been financed in the past several years with money from New York City’s public pension funds, which provide retirement benefits for the city’s police officers, teachers, firefighters and more.


 
 
 
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