Center for Public Enterprise
@PubEnterprise
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Equipping the public sector with tools and strategies to deliver economic development.
Brooklyn, NY
Joined November 2021
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We've been saying...
Yellen: It's time for "modern supply side economics."
The Treasury secretary is arguing for a more expansive view of America's economic potential, turning the Reaganomonics-era concept on its head.
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Joe Driscoll, who oversees the I-81 project, said the city has been “slow cooking” the idea of using gov't as the lead developer on the vacant land. They have been consulting for about 6 months with Paul Williams, director of Center for Public Enterprise."
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Yooooo
California is going to make its own insulin.
It’s simple. People should not go into debt to get life-saving medication.
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We're excited to announce that CPE will be partnering with
@EconomicSecProj
to provide technical assistance on the use of public financing tools for clean energy investments. And to support that work, we're bringing
@BuddyYakov
onto the CPE team.
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"My message to the committee is that the federal government should help bring more stability to the housing investment cycle. Today, a lack of liquidity in the construction financing market has led to hundreds of thousands of would-be homes sitting on the shelf, unbuilt."
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"Financing bottlenecks cause otherwise economically viable units to sit unbuilt or delayed, contributing to our national housing shortage and affordability crisis."
Our latest report, proposing a national construction lending fund. Read it here:
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In addition, Yakov will support Center for Public Enterprise’s Energy team with green banking program design in partnership with governmental agencies across the country.
Here's Yakov with his son, at home in Los Angeles, CA.
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"Compared to private actors, the state has unique powers that benefit socially useful innovation: greater tolerance for risk, more patience for rewards, and more ability to coordinate key actors and to force required systemic change."
From
@PplPolicyProj
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We're CPE, of course we bring a chart showing stalled multifamily housing development and how a national construction fund could smooth the investment cycle to our Senate budget hearing.
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Thanks to a generous contribution from Charles Koch, CPE now stands for Center for Private Enterprise
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Housing investment is tightly linked to the business cycle.
This creates a problem for multifamily which takes years to build. Nobody wants to be on the wrong end of the cycle when a project is done, hampering investment in supply even when demand is strong.
Our proposed fix:
"Financing bottlenecks cause otherwise economically viable units to sit unbuilt or delayed, contributing to our national housing shortage and affordability crisis."
Our latest report, proposing a national construction lending fund. Read it here:
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New issue brief: Creating distributed energy resources requires rethinking financing. By using virtual power plants, we can turn DERs into public resources. This report shows how green banks can help enable such a shift using tools already present in the Inflation Reduction Act.
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Center for Public Enterprise opposes any efforts to "slit the throats" of federal bureaucrats. Like and retweet if you respect the public sector, too.
At a campaign stop in New Hampshire, DeSantis “vowed that when it comes to federal bureaucrats, ‘we are going to start slitting throats on Day One.’
“Not everyone liked the word choice, particularly the bit about slitting throats.”
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For every 10 likes I'll drive this image of Center for Public Enterprise further towards its ideal form, as the public sector's most willing and capable advocate.
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Montgomery County✅
Atlanta✅
Chicago✅
Who's next?
This passed council this afternoon. Chicago now has the largest revolving loan fund for mixed-income public development in the US. Catch up!
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We need public enterprises across the economy—especially in sectors where disinvestment or market failure are rampant, like healthcare, housing, energy and utilities.
You’ll also learn a lot about who has access to public options and who doesn’t.
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CPE Executive Director
@PEWilliams_
will testify to the Senate Budget Committee 9/25 at 10am on “The Costs of Inaction: Economic Risks from Housing Unaffordability”
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Our Director of Energy,
@CtheLala
, sharing CPE’s elective pay financial model at the Direct Pay Convening in Phoenix this week.
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We are accepting applications for a role on our energy team working on IRA implementation.
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Very excited to welcome
@advaitarun_
to the team today. Advait joins
@CtheLala
working on IRA implementation around direct pay and green banking.
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This morning, the IRS published additional rulemaking for elective payment of IRA tax credits. Share this thread to follow along on the final rules—covering eligibility, partnership structures, chaining, and their implications for public sector-driven industrial policy.
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New report up on policies and programs to cool oil demand by shifting to more resource efficient alternatives. SPR is not enough, and the global supply is still down—we need to hit the other side of the equation, demand.
New report from me
@BuddyYakov
@CtheLala
@drmitchpdx
on cooling oil demand by shifting to more resource efficient alternatives.
1. Nat'l transit fare holiday
2. Compress transit infra timelines
3. WFH
4. Bully pulpit: transit, bike, carpool
5. Speed limits
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We have a new public monthly newsletter, Capacity Factor. Sign up here if you want monthly updates on what the CPE team is reading about energy, housing, and public sector capacity.
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Today, CPE brought together 50+ housing agency leaders from across the country to learn about public development from
@HOCMC
.
A key part of public sector capacity building is agencies learning directly from each other, especially on innovative tools and programs.
We’re down in MoCo, MD today where CPE has brought together federal, state and local housing agency leadership from across the US to learn about new models for public sector-driven multifamily development. First stop is touring
@HOCMC
’s latest: a 268-unit mixed-income project.
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CPE Executive Director
@PEWilliams_
will be speaking on a panel at
@HUDgov
's Quarterly Update event this Thursday at 2pm. Register for the event, online or in person, below.
Registration to virtually attend PD&R’s Quarterly Update event on March 21, 2024 is still open! The event will focus on how local governments innovate to meet community housing needs. Don’t miss out! Visit
#HUDUser
for more information:
#PDRUpdate
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“Public agencies are hungry for tools that allow them to produce a lot more housing, and in the past year and a half we’ve gone from working with MoCo and RI to establishing a working group with a few dozen state and municipal housing agencies who come to our regular meetings.”
“I am very bought into the Zachary Marks’s line that there is every reason for cities to be building up a balance sheet of real estate equity and we should be capturing that and using it to reinvest in public goods,” one municipal housing leader told me.
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If only
If only someone were to start a think tank for expanding state and municipal capacity, and public sector provision of goods and services. Perhaps some kind of Center for Public Enterprise…
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Yakov will support ESP's public options efforts, in particular through their Public Officials for Public Options Network, which “brings elected officials and government staff together to learn from each other in implementing public options.”
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New op-ed up today on a bill in California that would get the ball rolling for a public developer. Credit constraints today, and cyclicality in general, are bad for housing and bad for jobs. Public developer programs can counter those forces.
OPINION: "For decades, housing has been stuck in a vicious cycle. ... It’s time to think outside the box and consider the possibilities of a robust system of public enterprise to combat this dynamic," according to the authors of this Open Forum article.
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Our Director of Housing
@sheree_bouchee
sharing our work on mixed income public development models at Raleigh’s housing summit this weekend.
Honored to represent
@PubEnterprise
today at
@RaleighGov
Affordable Housing Summit! Speakers provided an overview of existing housing tools as well as innovative housing solutions!
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CPE, along with
@BHA_Boston
,
@NYCHA
, and others recently sent a letter and memorandum to the Biden Administration detailing a challenge housing authorities face regarding on-site solar development.
Read the letter, which proposes targeted guidance changes:
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This video slaps and has full CPE endorsement
-Management
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We've published an updated version of our Elective Pay model and accompanying report. Access the latest version of these tools here:
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A good question to consider, but unfortunately there are just too few answers to choose from. A century ago, we would have said the nation's municipal sewer systems! Today, public enterprise is in need of significant reinvestment.
Question inspired by this: What are the most impressive state-driven, high-tech infrastructure or production projects of the past, say, 15 years?
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Good thread about public enterprises and the prioritization of different goals. With its pricing along the Northeast Corridor, Amtrak has thwarted its social potential in order to maximize return.
Amtrak tickets on the Northeast Corridor are unaffordable, especially at the last minute. The story is complicated: Amtrak makes money on the route, so it amps up prices to those people are willing to pay. It does so in the context of inadequate train capacity to meet demand.
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Glad to see Rhode Island take a step toward countercyclical housing production programs. Public developers can provide significant low-cost housing beyond what scarce federal subsidies allow for and help stabilize production across biz cycle w sufficient scale. Good first step.
BIG win for our campaign to make RI a leader in building mixed-income public housing! A $10 million pilot public developer is in the budget! Just a month ago Sen
@MeghanEKallman
introduced Create Homes Act to make RI first state in the country with a public developer of housing…
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Join us tomorrow to discuss elective pay projects, CPE's model, and how the Treasury's new regs will impact direct pay users (link below)
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Emerging Development Strategies from Public Authorities:
Join CPE with Treasury, NYPA, MnCIFA for a discussion on emerging energy development strategies, moderated by
@robinsonmeyer
.
Event on Monday 9/23, 10am, at Cornell Tech on Roosevelt Island. Registration link below.
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First in a three-part series on project underwriting capacity, focused on the energy sector, up now on our blog. Follow along next week for more in the series.
By
@advaitarun_
First part in a new series on project underwriting now up on our blog.
Worth a read to understand some of the expertise and infrastructure needed to make capital flow to important investments.
By
@advaitarun_
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Now make the office larger and even more epic, with Center for Public Enterprise staff advancing public sector interests nationwide
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Public option-ism in the works👇
NEW: CA will explore ways to contract and manufacture our own insulin to reduce costs.
Insulin should not drain your bank account.
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we should shut down the postal service & reallocate the budget & real estate for mental health services and facilities that are free for all Americans
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CPE on the move
Pretty big deal — HUD is inviting the folks promoting the publicly-owned housing in Montgomery County to come present next month. More on that here:
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Interested public housing authorities, housing finance agencies, and other housing departments can sign up here for CPE's Public Development Community of Practice, a quarterly working group for developing best practices in new multifamily delivery models.
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Make Public Agencies Agents of Economic Development Again
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We're hiring 👇
I am very excited to say that CPE is now hiring for a Housing Director to lead our work on public development. We are looking for someone with expertise in housing finance and agency programs and operations. If this sounds like you or someone you know, apply or pass this along.
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Happening now:
@PEWilliams_
testifies before the Senate Budget Committee on financing constraints for multifamily development.
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Welcome
@sheree_bouchee
to the CPE team!
I've been wanting to hire a housing team for like 2 years. And then I did, and I've been itching post this announcement for like 3 weeks. Anyway, now I can finally post it. Extremely excited to welcome
@sheree_bouchee
to CPE today as director of housing.
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The IRA put new financial tools in play for public agencies to make clean energy investments. We visited a clean energy project this morning that NYCHA, one of the most innovative housing authorities in the country, is developing.
Decarbonizing public housing: at NYCHA’s Eastchester Gardens in the Bronx, they’ve just completed digging 85 geothermal wells, each 500ft deep, to run the hot water boilers for the development which is home to about 2,000 New Yorkers.
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Cooling demand doesn't have to mean making people poorer—it can mean shifting consumption to more efficient uses of existing resources, like public transportation, bicycling, carpooling, and working from home. Need a national messaging campaign to encourage all of these shifts.
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Yesterday we held our first Public Development Community of Practice meeting, bringing together leaders from federal, state and local housing agencies in over a dozen jurisdictions.
Agencies large and small are recognizing these models as key to addressing housing affordability.
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What we aim to do is provide building blocks for the public sector to re-involve itself in great enterprise: modern, social housing; renewable energy generation; health and care services; industrial projects.
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🦅🇺🇸🏗️
*taps earpiece* I'm receiving word that Montgomery County's Housing Opportunities Commission has taken the White House
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Public infrastructure and investment is the key to an egalitarian abundance economy. We are ready to help get there by reviving the lost art of public enterprise. Banking, housing, energy, and utilities are all areas where a thriving public sector will drive us forward.
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Our comments on regulatory guidance for direct payment of clean energy tax credits that can maximize public sector participation in the energy transition.
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Partnerships: This is a welcome and unanticipated exception and will expand the options for public power entities to work together on clean electricity projects. CPE will work with these entities to investigate possible business models.
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“The tight link between housing production and the business cycle is a tremendous drag on growth. If we're going to confront not just the housing shortage but broader economic stability we need public programs to smooth construction across cycles”-
@PEWilliams_
by
@FairweatherPhD
I wrote an oped for
@barronsonline
about how increases in interest rates make the housing shortage worse, and how investment in social housing can solve this problem.
Special thanks to
@PEWilliams_
and
@AndrewDLewis
for teaching me about AB 2053.
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Eligibility: Except for TVA, federal agencies and PMAs are NOT eligible for elective pay.
CPE will continue to work with these public power entities to find creative ways to make use of the IRA, such as through contracting and resource planning processes, e.g. with partnerships.
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Read more here:
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We talked to the Times for this story on public housing.
CPE has worked with agencies and legislators in RI, CA, MA, HI, Seattle and Atlanta on developing similar programs, as mentioned in the story. And we're always looking for more agencies to work with.
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That's wrong.
@CMbarron
.
@CMbarron
suggests pension investments in private companies are problematic;
@NYCComptroller
argues you can't invest pension $ in public sector and expect returns.
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“Any way you slice it, there are going to be some really interesting impacts,” Paul Williams, the executive director of the Center for Public Enterprise, a new nonprofit that advocates such initiatives, told me [of California's public option Insulin].
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It's good news to see the IRS is taking seriously the possibility of a public option for directly preparing and filing taxes with the agency.
From the just released IRS strategic operating plan:
"If the outcome of the feasibility study warrants, create an additional option for how taxpayers can file their tax returns. Direct file would give eligible taxpayers a free, public electronic return-filing service option."
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Our friends at
@HOCMC
have a new job listing for a policy analyst. Great opportunity to work at one of the most innovative housing authorities in the country.
Attention housing people in the DMV: a new position just got listed for a policy analyst at HOC, the Montgomery County housing authority. DM me if you apply!
(Yes, the job will include work on HOC's Housing Production Fund and related advocacy with other housing agencies)
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CPE's Elective Pay model has been updated to reflect the latest guidance on IRA programs, and incorporate more options for public developers. Download the updated model here:
Published a revised version of
@PubEnterprise
's Elective Pay Model! Now includes consumer avoided costs, more financial customization, and currently "ineligible" provisions such as chaining and accelerated depreciation.
Still the only one of its kind.
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Other speakers include leadership from
@HOCMC
, RI Secretary of Housing
@stefanpryor
, Asm.
@alex_lee
, and
@Matt_Bedsole
.
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Eligibility: Good news—a project development LLC/SPV that’s totally owned by an applicable entity is eligible for elective payments so long as it does not have separate tax status (so long as it’s a “disregarded entity”).
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I'm helping
Atlanta's new mixed-income public developer is out with their first RFP today for the redevelopment of an old fire station into a "high-density, residential tower, incorporating both market and affordable units".
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We were glad to participate in
@NMecondev
event on economic development strategies for energy transition, and glad to see our work has been useful to agency practitioners.
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Real
It’s really cool that if you post enough about the public sector the
@PubEnterprise
folks will follow you
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45 representatives from housing finance agencies and housing authorities across the country attended our Public Development Community of Practice the afternoon. If you missed it, sign up for the next quarterly meeting here:
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As supply-side progressivism gains ground as a model for moving society forward, we suspect there will be no shortage of calls for the kinds of tax credits and incentive programs that have defined the past half century of investment policy.
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How much is elective pay worth? The IRS said they will not be creating an elective pay calculator. Good thing we’ve built one for you to use as needed:
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Public sector capacity is underutilized. We can make dedicated busways happen quickly if we need to, and the extreme volatility in global oil markets makes right now a very good time to do so.
Global oil problems are not going to get easier. Every city in the country right now should be taking their 10 year plans for low cost transit infrastructure spending (bus lanes, bike lanes, bikeshare capacity), and compressing them into 2 years.
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The IRS has the tools and knowledge to do automatic filing, but anti-competitive agreements from the dawn of the digital age have locked in roles for private tax prep firms. It's time the let the public sector compete.
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Eligibility: Public power entities that are not considered instrumentalities of state and local governments are not eligible for elective pay unless they are a Rural Energy Cooperative (REC). Nonprofit RECs are eligible.
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We encourage public utilities and other public agencies interested in pursuing investments under the Inflation Reduction Act's Elective Pay/"Direct Pay" provision to fill out this brief form to participate in CPE's Elective Pay Working Group:
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Eligibility: Additionally, territorial governments still cannot claim elective payments for investment-related tax credits.
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Read our initial analysis of proposed rulemaking on direct pay for clean energy incentives here. More analysis to come later this week.
LIFTOFF! Treasury released proposed direct pay rules for IRA tax credits. Share this LIVE thread if you’re curious about the implications for public generation, state capacity, and industrial policy!
@PubEnterprise
@PEWilliams_
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The New York Power Authority could develop its own renewable energy generation projects, but state law has unnecessarily restricted it. The Build Public Renewables Act would authorize the agency to...build public renewables. Common sense—let NYPA build.
Eagerly standing by for the Corporations and Authorities Committee meeting in the NY Assembly where the Build Public Renewables Act, which would authorize NYPA to develop its own public, renewable energy generation projects (which it is currently barred from), is on the agenda.
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Chaining: CPE will suggest solutions and continue highlighting the benefits to IRA implementation of allowing exceptions, particularly to expand liquidity in tax equity and credit transactions through state green bank participation in those markets.
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Partnerships: Treasury has proposed exceptions to allow applicable entities jointly owning energy projects to 1) own it through another non-corporation entity; and 2) delegate authority to sell its share of electricity produced for more than 1 year.
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Chaining: Look alive—Treasury has NOT said that the statute explicitly precludes chaining.
But they currently cannot administer a functioning chaining system due to legal and administrative challenges, and have asked for additional comments to better understand the issue.
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"That’s gotten HUD’s attention, and we’re now talking with them about ways the federal government can support this kind of innovation."
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We are just getting started, and over the coming months we hope to announce some planks of our abundance agenda, and to produce materials to help state and local governments and organizers start to rebuild the administrative capacity and political will for public enterprise.
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Check out our Climate Week calendar here. Join us at two panel discussions, and at our happy hour.
If you're in New York City for Climate Week, I hope you join the
@PubEnterprise
crew at our three main events!
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Writeup on
@EconomicSecProj
's public options program:
"[Examples of work include] technical assistance from the Center for Public Enterprise to help local public projects like green banks to access federal climate funds."
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Direct Pay on the move 👇
NYPA is out with a new RFI this week which is pretty clearly seeking out companies with renewables projects who it can partner with as an investor/owner:
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Hey hows about a little respect for da public sector huh
What's fun to me about all of these posts from people saying "I don't think mixed income public development will work" is that it's already happening.
The sophisticated real estate development team at
@HOCMC
is like 5 steps ahead of the armchair developers on here.
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