New York City’s five pension funds will invest a combined $4 billion in affordable housing production and preservation over the next four years through a new initiative titled the NYC Housing Investment Initiative. The initiative will support the construction of new mixed-income, workforce and affordable housing; preservation of existing units; and office-to-residential conversions.
“Solving this crisis takes action on all fronts,” said New York City Comptroller Mark Levine. “We’ve advanced critical zoning changes, but without financing, housing doesn’t get built. The NYC Housing Investment Initiative is about closing that gap, delivering the homes New Yorkers need, and making sound investments for the New York City retirement systems.”
The NYC Housing Investment Initiative will more than double the size of the Big Apple’s five public pension funds’ housing investment exposure, Levine’s office said. As of the end of 2025, the system’s residential portfolio totaled approximately $2.8 billion.
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