New York City’s five pension funds have launched a new $4bn (€3.4bn) medium-term investment plan to more than double their existing $2.8bn exposure to housing assets across the city’s boroughs.
The New York City Employees Retirement System, New York Police Pension Fund, New York City Fire Pension Fund, Teachers Retirement System of the City of New York and the New York Board of Education Retirement System have created the NYC Housing Investment Initiative to commit approximately $1bn per year over the next four years.
The pension funds initially plan to allocate $750m toward the creation of new mixed-use affordable housing, alongside a $500m capital commitment to support the construction, preservation and rehabilitation of residential assets through a public-private apartment rehabilitation programme.
The strategy also includes a commitment to the AFL-CIO Housing Investment Trust (HIT), a fund which finances affordable housing and union construction projects.
The New York City Comptroller’s office said the new commitment to the AFL-CIO Housing Investment Trust will be finalised over the coming months.
As of the end of February 2026, the pension funds held an existing investment in the trust valued at $952.6m.
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