For Immediate Release: April 26, 2022
Contact: Mike Sandmel, New Economy Project, mike@neweconomynyc.org
NYS COMMUNITY EQUITY AGENDA COALITION STATEMENT:
After Budget Debacle, Albany Must Fundamentally Change Approach to Economic Development
“Earlier this month, the Governor and Legislature enacted a budget that underscores the urgent need for a new vision for economic development in New York. Corporate giveaways like the $600m Buffalo stadium deal are the epitome of a failed “trickle down” approach and will do nothing to build wealth in low-income communities and communities of color that have been hardest hit by the pandemic over the last two years.”
“In the final six weeks of the legislative session, New York lawmakers must advance a just recovery, racial equity, and ecological sustainability by embracing a community wealth-building approach to economic development. They can start by enacting four key bills that would provide a concrete and lasting benefit to communities – the New York Public Banking Act (S1762A/A8290), which helps localities leverage their own deposits to support equitable local development; the Consumer and Small Business Protection Act (S6414/A2495A), which strengthens New Yorkers’ ability to challenge systemic wealth extraction from marginalized communities; and the Tenant Opportunity to Purchase Act (S3157/A5971) and Fair Taxation for Community Land Trusts Act (S6326A/A7930), both of which support the development of community-controlled permanently affordable housing.”
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