Housing Cost Burdens for New Yorkers
Among Nation’s Highest
Almost three million New York households are dealing with housing costs that consume more than 30% of their household income, with 1 in 5 households experiencing a severe cost burden of more than 50% of their income going to pay for housing, according to a report by State Comptroller DiNapoli. This is the third report in the State Comptroller’s “New Yorkers in Need” series. Previous reports focused on poverty trends and food insecurity.
“For too many New Yorkers, finding and keeping an adequate and affordable place to live has become more and more difficult,” DiNapoli said. “Rising costs are stretching household budgets and forcing trade-offs with other essentials, like food and health care. The consequences of housing insecurity are wide-ranging and while low-income renters are the most cost-burdened, these financial pressures are increasingly felt by middle class households. Action is needed by all levels of government.”
"New Yorkers in Need" Series:
Prior Reports:
State Pension Fund Valued at $259.9 Billion at End of Third Quarter
The estimated value of the New York State Common Retirement Fund was $259.9 billion at the end of the third quarter and investments returned an estimated 6.18%.
“The markets have seen an improvement over the past quarter, but some volatility remains,” DiNapoli said. “Economic opinions are mixed about the year ahead and uncertainty persists. Still, thanks to our prudent management and long-term strategy, our pensioners and members can remain confident that their pension benefits are safe.”
NY Common Retirement Fund Announces New Measures to Protect State Pension Fund From Climate Risk and Invest in Climate Solutions
The New York State Common Retirement Fund will restrict its investments in eight integrated oil and gas companies, including Exxon Mobil Corp., after a review of the companies’ readiness to transition to a low-carbon economy.
“The New York State Common Retirement Fund is a recognized leader in addressing climate-related investment risks and pursuing opportunities in the growing low-carbon economy,” DiNapoli said. “Climate change is an increasingly urgent risk facing all investors, and I am determined to protect the state’s pension fund by keeping it at the forefront of efforts to mitigate risks to our investments. This reduces our fund’s exposure to fossil fuels. Consistent with my fiduciary duty to maximize investment returns for the benefit of our members and retirees, these actions should help accomplish the goals of our Climate Action Plan.”
DiNapoli Releases Report on NYS Executive Budget
After the disruption caused by the COVID-19 pandemic, the State’s finances have stabilized, and the Division of Budget is now forecasting reduced budget gaps. In his report assessing the proposed Executive Budget, DiNapoli identifies positive developments, as well as risks and challenges.
Pennsylvania Man Who Impersonated Deceased Father to Steal $194K in NYS Pension and Social Security Payments Sentenced to 5 Years in Prison
A 57-year-old man stole $110,897 in pension benefits from the New York State and Local Retirement System and $83,188 in Social Security benefits. He pleaded guilty to wire fraud and Social Security fraud charges in February.
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