Brad Lander's op-ed on the landbank highlights the importance of balancing development with sustainability. The landbank is a tool that can help achieve this balance by allowing for more efficient and equitable development.
By using vacant or underutilized land, the landbank can help reduce the city's footprint and preserve green spaces. This approach has the potential to create more affordable housing and community facilities.
According to Lander, the landbank can also be used to support community-led development initiatives. This means involving local residents in the decision-making process to ensure that development aligns with community needs and priorities.
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Brad Lander's Landbank Proposal
Brad Lander's landbank proposal is a bold solution to the current crisis. The idea is to use a city-controlled land bank to acquire distressed properties temporarily and then transfer them to community land trusts.
Lander argues that this approach would prevent a "feeding frenzy" from private developers. By doing so, the city can ensure that these properties are used for the benefit of the community, rather than just lining the pockets of investors.
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The politician draws a comparison with the fiscal crisis in New York City in the 1970s, where public land was turned over to developers with tax breaks attached. This move deepened inequality, as only a select few benefited from the boom.
Artists and average workers couldn't afford to live in areas like Soho, while small-business owners were priced out of affordable commercial space. Immigrant families struggled to pay skyrocketing rents.
Lander also points to the tax breaks offered after the 2008 recession, which led to private equity and hedge funds buying and converting foreclosed homes into market-rate rentals. This pushed down U.S. homeownership.
Instead of following these "lessons in how not to respond" to the current crisis, Lander suggests converting distressed residential projects and hotels into affordable rental or cooperative housing.
Climate and ESG
Brad Lander has been a strong advocate for addressing climate change and promoting Environmental, Social, and Governance (ESG) principles.
He has taken positions in support of the ESG movement, pushing for financial institutions to adopt policies that eliminate financing of new fossil fuel exploration and development.
In January 2023, Lander announced that the New York City pension funds would vote in favor of shareholder resolutions proposing reductions in fossil fuel financing by large banking firms.
The proposals called for the banks to create and disclose their plans to reduce their greenhouse gas emissions to meet specific targets in 2030.
Lander also signed a letter in September 2022 opposing legislation aiming to curb consideration of ESG factors in investing, arguing that such factors are essential for evaluating material threats to companies, including climate change.
He pointed out that climate change is a real business threat to all of us, and that ignoring it would be irresponsible.
Lander has taken concrete steps to address climate change, such as voting in favor of shareholder resolutions and advocating for ESG principles in investing.
The New York City pension system has also made progress in this area, reaching a landmark agreement with three portfolio companies to disclose the ratio of their fossil fuel lending to their clean energy lending.
This agreement is a significant step towards decarbonization and the climate transition, and demonstrates the pension system's commitment to ESG principles.
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