The Economic Impact of a New York City Public Bank, a groundbreaking new report from The New School’s Center for NYC Affairs, demonstrates how a public bank would turbocharge NYC’s economy, advance racial equity, and build wealth in low-income communities.
In just its first five years, a NYC public bank would generate:
70,600 local jobs by financing small and worker-owned businesses, affordable housing construction, climate infrastructure, and other economic development;
17,855 affordable housing units by channeling capital to nonprofit housing developers, community land trusts, and other affordable housing providers;
$1.1 billion for climate solutions by financing solar and heat pump installations, weatherization, building electrification, and other urgently needed green infrastructure; and
$5.8 billion in new loans to Black and brown neighborhoods through partnership lending with community development credit unions and other responsible lenders serving historically redlined neighborhoods.
Media Coverage of The Economic Impact of a New York City Public Bank:
The Brian Lehrer Show: The Campaign for Public Banking in New York City
Gothamist: What if NYC Had its Own Public Bank? There are Billions of Reasons to Consider it, Report Says