Wall Street Journal : A New York City Pension Makes Renters’ Rights an Investment Priority
August 14, 2024
A recent story in The Wall Street Journal profiles the new Responsible Property Management Standards (RPMS) Policy adopted by the New York City Employees Retirement System (NYCERS).
Wall Street Journal, July 17, 2024: “A New York City Pension Makes Renters’ Rights an Investment Priority”
The RPMS Policy represents the first time a public pension fund in the U.S. has required corporate landlords to abide by tenant protections. Standards included in the new policy include capping rent increases at 5% plus inflation for existing tenants and 60-day notifications to tenants of rent increases larger than 5% as well as reporting to investors of such larger increases.
New York City Comptroller Brad Lander stated that the policy was created using “highest common denominator” tenant protection standards that were already in place elsewhere. According to the Journal, other NYC pension funds could follow suit.
PESP Housing Director Jordan Ash commented on the new standards for The Wall Street Journal: “The private-equity firms rely very heavily on investments from public employee pension funds. And those funds are often not looking at the impact of their investments.” As more pension funds adopt similar standards, he added, the protections are likely to become stronger.
For more on the RPMS Policy adopted by NYCERS, click here.
