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Take your pension fund, invest it in low income housing for almost zero investment return.  Seems reasonable…

Via AIO CIO:

Bill de Blasio, the newly inaugurated mayor of New York City, is moving forward with his plan to allocate $1 billion of pension assets to affordable housing—a massive increase to the funds’ prior investments to this space.

His plan calls for creating 11,000 units over eight years with the additional $1 billion input from the city’s $144 billion pension funds. It also includes contraction of 50,000 new units through “inclusionary zoning”—a requirement that developers build affordable homes for low- and middle-income families.

De Blasio campaigned heavily on closing the gap between the wealthy and the poor—ending the so-called “Tale of Two Cities”—and won the November election by a landslide. He is New York City’s first Democratic mayor in 20 years.

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