Assemblymember Tom Ammiano (D-San Francisco) has introduced legislation in Sacramento that would prevent state public pension funds from investing in schemes that are predicated on the displacement and abuse of tenants in order to turn profits. Take action today to make sure the Assembly pension oversight committee approves the bill and sends it to the full Assembly for a vote.
California public pension funds, CalPERS and CalSTRS, have invested, and recently lost, some $700 million dollars in "predatory equity" schemes in East Palo Alto and New York that have resulted in the displacement of thousands of low and middle-income tenants and have been devastating to the affected communities. For nearly two years Tenants Together has been pushing CalPERS to adopt policies that would prevent it from ever again getting entangled in these reckless and immoral investments. CalPERS' inaction on the issue has made legislative reform necessay.
CLICK HERE TO TAKE ACTION by contacting the members of the assembly committee and urging them to support this important legislation for tenants.
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