At the State of the City address, Mayor Bloomberg announced that one of his big initiatives would be to reform the current pension system. Now, he's proposed a pension system that would make the retirement age 65—and prohibit workers from being able to pad it, a practice that has boosted some pensions 30-167%. Guess what the unions think? The United Federation of Teachers' president Michael Mulgrew told the Daily News, "[Bloomberg's proposals are] insane. I don't know what to say... The mayor has chosen to no longer have a working relationship with the labor force in New York City... Bloomberg has just decided, 'I'm going to attack, attack, attack everybody.'" more ›

With the stock of affordable housing in New York City shrinking, and requirements that some city workers reside within the five boroughs and nearby suburbs, some unions are entering the real estate market to directly provide or subsidize housing for their members. The firefighters union recently announced that it was considering using some of its $7.2 billion pension fund to invest in real estate that would be used to provide affordable housing for New York's Bravest and their families. According to NY1, the union hasn't determined whether it would sell or rent to its members, but any development is still years in the future. more ›