By Matt Toledo
Source: Chief Investment Officer
New York City Comptroller Brad Lander on Wednesday outlined new standards for private real estate investments within the portfolio of the New York City Employees’ Retirement System, which has adopted the standards into its investment policy. The standards have been proposed for the city’s other four pension systems.
Known as the Responsible Property Management Standards, the guidelines aim to improve the long-term quality and sustainability of residential real estate investments in properties owned by or funded by investment managers and aim to reduce housing instability and encourage fair practices for residents living in these properties.
The standards were developed by the Office of the New York City Comptroller, which manages the investments of New York City pension funds, as well as For the Long Term, a nonprofit organization which advises treasurers, comptrollers, controllers and auditors at pension funds across the country.