Housing Investments and Public Banking

Letter to the Editor by Pamela Haines, Published in the Philadelphia Inquirer on Oct. 9, 2020

In reference to the need for financial assistance in building low-income housing (Inquirer, 10/7) another way to fund such critical needs is through the establishment of a Philadelphia Public Bank. Last year the city paid $174 million in interest alone, on money that we borrowed to pay for needed investments. Interest payments can easily double the costs of such projects. Imagine the savings of being able to borrow at lower rates from our own public bank. The interest would then come back to the city to relend, rather than flowing out to increase the profits of the big banks.