#scott m. stringer

[harlemworldmagazine]

New “Affordability Index” Monitors Escalating Affordability Crisis From Harlem To Hollis

New “Affordability Index” Monitors Escalating Affordability Crisis From Harlem To Hollis

New York City Comptrollertoday released a new first-of-its-kind tool for examining how the City’s mounting affordability crisis strains the everyday lives of representative New Yorkers.

(more…)

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[harlemworldmagazine]

The Mayor And Others Demand Albany Expand Speed Enforcement Cameras Near Schools In State Budget

The Mayor And Others Demand Albany Expand Speed Enforcement Cameras Near Schools In State Budget

Mayor de Blasio joined crash survivors, victims’ families, seniors and elected officials on the steps of City Hall to demand leaders in Albany include an expansion of New York City’s school zone speed enforcement camera program in the final state budget by April 1, 2018. (more…)

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[unclesamsmisguidedclub]

New Post has been published on Uncle Sams Misguided Children

New Post has been published on http://misguidedchildren.com/economy/2014/08/nyc-pensions-falling-behind-politics/27656

NYC pensions falling behind because of politics

Governmental bodies all over the nation are collapsing because of their pensions. The biggest amount of the debt that caused Detroit to file for bankruptcy was the pension. New York City is starting to have issues with its debt and the part of it coming from the pension is growing.

Part of the reason that the debt is growing is because the pension is being used for political purposes. Instead of making valid investments, the city is using the money to make minute gains via loans to city projects.

How bad off is the pension

Here, via the Washington Times, is how bad off the New York City employee pension.

Like pension systems everywhere, New York City’s has been strained by a growing retiree population that is living longer, global market conditions and other factors.

But a close examination of the system’s problems reveals a more glaring issue: Its investment strategy has failed to keep up with its growing costs, hampered by an antiquated and inefficient governing structure that often permits politics to intrude on decisions. The $160 billion system is spread across five separate funds, each with its own board of trustees, all making decisions with further input from consultants and even lawmakers in Albany.

The city’s pension assets have fallen further and further behind its obligations — the amount needed to cover future pension payouts — a troubling trend that could eventually ripple across the entire city budget, but which has so far received little attention under Mayor Bill de Blasio.

Whether he can restore balance to the city’s pension system promises to be one of his biggest challenges, one that will affect not just future generations of workers, but all city residents and taxpayers.

Pension analysts compare the worsening situation in New York to watching someone try to fill a sink when the drain is open. “They’re never going to catch up,” said Sean McShea, president of Ryan Labs, a New York-based asset management firm that works for pension funds and other institutions.

The fallout can be seen in measures of the pension system’s financial health. From 1999 to 2012, for example, the plan for general workers fell to just 63 percent funded from 136 percent.

How the NYC government is investing the pension money

Here, via another Washington Times article, is how NYC government is using the pension funds to invest in pet projects for very little pay off.

Mayor Bill de Blasio on Wednesday announced a commitment of $350 million of public and private funding to pay for the renovation of 7,500 apartments, in what he called a “major step” toward his 10-year goal of 200,000 new or rehabilitated homes for lower- and middle-income New Yorkers.

A new revolving loan fund will focus on buildings with 20 to 100 units, Mr. de Blasio said, “because those are the backbone of so many neighborhoods that working people live in in this city.”

For a family struggling to make it, he added, “nothing can be more life-changing” than obtaining an affordable unit. “It sets that family on an entirely different course.”

The mayor said the buildings would receive upgrades, including “energy retrofits,” to make apartments more cost-efficient for residents as well as “better for our environment.”

After campaigning for mayor as a critic of Wall Street, and antagonizing many in the industry by trying to tax the wealthiest New Yorkers to pay for prekindergarten expansion, Mr. de Blasio on Wednesday emphasized the importance to the city of corporate citizens like Citigroup, which led a group of banks that contributed $290 million to the fund, putting in $75 million itself.

“I want to let them know they’re going to have a lot more business with this administration,” the mayor said of Citigroup.

The city’s pension funds are adding $40 million, and its Housing Development Corporation is putting up another $20 million.

The city comptroller, Scott M. Stringer, said the pension funds would earn 2.75 percent on their investment — far less than the 17.4 percent return the funds earned in the fiscal year that ended June 30. But, he said, it was “a sound investment” nonetheless.

It would seem that the NYC pension will just be causing more debt, because it is not being managed in an effective manner. The employee lists are growing, along with retirement lists, so it is doubtful 2.75% will be useful. .CPlase_panel display:none;