The Economic Impact of a New York City Public Bank

Public banks around the world offer examples of an alternative model for finance, with public resources intentionally employed to serve the public good and build local economies. A broad coalition of advocacy and community organizations, worker cooperatives, and labor unions has mobilized in support of a public bank in New York City to address longstanding inequities in the banking system and our local economy. 

The Center for New York City Affairs at The New School (CNYCA) conducted an analysis to measure the projected economic impact of a local public bank, based on the business model put forth by local advocates. The analysis projects meaningful impacts, including the creation of 70,600 jobs, the introduction of over 17,000 new or rehabilitated affordable housing units, and over $5.8 billion in new lending in partnership with local community development credit unions and banks. A public bank would represent an important new direction for the city’s financial system, reflect the City’s commitment to advancing racial equity, and employ public wealth for the public good.

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