Brad Lander, the Democratic candidate for 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 pension money to invest in the five boroughs is certain to bump up against the 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.
And with interest rates near record lows, public pensions, including
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