Coalition Against Predatory Equity - Organizing Principles and Members

Government should not support residential housing transactions that put affordable units in jeopardy.  We have seen too many examples of over-leveraged housing deals falling apart, in which tenants have been pushed out of their affordable homes and local governments are left to pick up the pieces, usually at a significant cost to the taxpayers.

This practice needs to end, and we must align our governmental policies with our political rhetoric to protect the working people of New York City and eliminate the perverse incentives that allow these transactions to occur.

1) We need a commitment from Fannie Mae and Freddie Mac that they will not lend money in any residential housing deal that puts affordable housing at risk.These mortgage giants play an enormous role in securitizing mortgages for home sales, but their charge should be kept to helping Americans afford a home, not helping drive Americans from those homes. This standard should apply to them making an investment directly or through any affiliate.  Their balance sheet should have no exposure to plans that weaken our city.

2) Responsible investment of City and State pension funds. Some recent over-leveraged deals designed to harm tenants were supported by the investment of pension funds around the country.  We must invest responsibly to ensure pension fund growth, while also avoiding deals that do harm to our affordable housing stock.

3) No subsidies for deals that create risk for affordable housing. We want to end any special protections from government -- either through tax breaks or subsidies -- that enable the reduction of affordable housing.  Government help may exist to promote development, or to renovate apartment units, but with such benefits should also come an obligation to keep housing affordable to the maximum extent.

4) Legislative solutions defending tenants.  We will seek opportunities to support legislation that helps to limit the abuses of predatory equity, and assists tenants in over-leveraged buildings.

 

Coalition Members

Co-Chairs

Council Member Daniel R. Garodnick

Council Member Ritchie Torres

Council Member Jumaane D. Williams

 

 

Elected Officials

Congressman Hakeem Jeffries

Congresswoman Carolyn B. Maloney

Congressman Jerrold Nadler

Congressman Charles Rangel

Congressman José E. Serrano

Public Advocate Letitia James

City Council Speaker

Melissa Mark-Viverito

Manhattan Borough President Gale Brewer

State Senator Brad Hoylman

State Senator Liz Krueger

State Senator Bill Perkins

State Senator Gustavo Rivera

State Senator José Serrano

State Senator Daniel L. Squadron

Assemblymember Karim Camara

Assemblymember Marcos A. Crespo

Assemblymember Brian Kavanagh

Assemblymember Walter Mosley

Assemblymember Felix Ortiz

Assemblymember Victor M. Pichardo

Assemblymember Dan Quart

Assemblymember Robert J. Rodriguez

Assemblymember Linda Rosenthal

Assemblymember Nily Rozic

Council Member Inez Barron

Council Member Margaret Chin

Council Member Costa Constantinides 

Council Member Elizabeth Crowley

Council Member Andy Cohen

Council Member Laurie A. Cumbo

Council Member Vanessa Gibson

Council Member Corey Johnson

Council Member Ben Kallos

Council Member Andy King

Council Member Peter Koo

Council Member Karen Koslowitz

Council Member Rory I. Lancman

Council Member Brad Lander

Council Member Mark Levine

Council Member Darlene Mealy

Council Member Carlos Menchaca

Council Member Rosie Mendez

Council Member Annabel Palma

Council Member Antonio Reynoso

Council Member Donovan Richards

Council Member Ydanis Rodriguez

Council Member Helen Rosenthal

Council Member Jimmy Van Bramer

 

 

Community Groups

Asian Americans for Equality (AAFE)

CAAAV: Organizing Asian Communities

Chhaya CDC

Community Action for Safe Apartments (CASA) - New Settlement Apartments

Good Old Lower East Side (GOLES)

Flatbush Tenant Coalition

Mirabal Sisters Cultural and Community Center

Mothers on the Move

Northwest Bronx Community and Clergy Coalition

Pratt Area Community Council

Stuyvesant Town-Peter Cooper Village Tenants Association

Tenants and Neighbors

Urban Homesteading Assistance Board

Urban Justice Center’s Community Development Project

Woodside on the Move

5th Avenue Committee/ Neighbors

Helping Neighbors