DOUBLE FEATURE: New York Dems’ Big Gifts To Corporate Donors

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We have a double feature for you today — two major stories that our reporters dug out showing how New York lawmakers delivered big gifts to their corporate donors at the very end of the state’s legislative session this week.. Huge thanks to our supporting subscribers for funding this work. Check out these stories:

1. New York Dems’ Giant Gift To Private Equity

(AP Photo/Mark Lennihan)

New York’s Democratic-controlled legislature this week passed a bill to funnel as much as $54 billion more in retiree savings into high-risk Wall Street investments, amid a flood of campaign cash from the financial industry.

New York’s largest teachers union backed the legislation, even though the move came after federal regulators — and the union’s own national leaders — issued loud warnings about the risk of such investments.

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2. The Real Estate Industry Protects Its Right To Evict

A 2021 eviction protest in New York City. (AP Photo/Mary Altaffer)

The national housing crisis has become particularly acute in New York: Evictions are on the rise statewide, and New York City rents have increased by over a third in the past year and are by far the most expensive among major cities.

Yet the Democrats who control New York’s state government just concluded their legislative session without passing a popular good cause eviction bill that would have prevented landlords from kicking out tenants just to drastically raise rents. The legislative defeat came in the wake of the real estate industry pouring millions into Democratic Gov. Kathy Hochul’s campaign coffers, and lobbying hard to protect its right to jack up rents and evict tenants.

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