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Nyc Push To Plow Pensions’ $265B Into City Hits A Wall

by finance.yahoo.com posted 1month ago 17 views
(Bloomberg) -- Brad Lander, the Democratic candidate for New York City comptroller, wants to pump more of the city’s $265 billion of pension assets into apartments for poor and working-class residents, invest in rooftop solar panels and lend to small enterprises owned by women and minorities. But his ambition to use the pensions to invest in the five boroughs will butt up against law and economic reality. Trustees of New York’s five retirement plans, including the mayor and comptroller, have a fiduciary responsibility to maximize returns for retirees while limiting risk. That means they can’t provide below-market financing.

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