Janeese Lewis George Proposes Using D.C. Pensions for Affordable Housing, Sparking Controversy
Janeese Lewis George, a leading candidate in the Democratic primary for mayor of Washington D.C., has proposed using the city's pension funds to finance the construction of affordable housing. This proposal has drawn criticism, particularly from the D.C. police union, which argues that such a move could jeopardize the financial stability of the pension system. The plan involves redirecting funds from marketable assets to housing projects, which are perceived to offer a lower risk-adjusted rate of return. Critics, including former city budget director Eric Goulet, warn that this could lead to credit downgrades and increased borrowing costs for the city. The proposal aims to build 72,000 new units of affordable housing over the next five years, but it raises concerns about the potential impact on retirees' benefits and the city's financial health. 
