Why I'll (Probably) Never Leave New York City
Vital City
Adem T. Bunkeddeko is a Democrat running for New York State Comptroller.
He combines lived experience with deep professional expertise across government, nonprofits, and finance — giving him both the insight and the practical know-how to help everyday New Yorkers thrive.
Adem T. Bunkeddeko is a lifelong public servant, former nonprofit CEO, and civic leader running for New York State Comptroller to make a difference in the lives of New Yorkers.
The Office of the New York State Comptroller
The Comptroller is New York’s chief fiscal officer. Part watchdog, part investor, and part architect of how public capital shapes the state’s economy.
The office manages the Department of Audit and Control, which audits how public dollars are spent, approves state and local contracts and payments, and monitors the fiscal health of New York’s finances — from the state’s $254 billion budget to the budgets of cities and counties across the state.
The Comptroller also holds the solemn responsibility of serving as the sole trustee of the nearly $300 billion New York State Common Retirement Fund, the state’s public pension plan for more than one million retirees and one of the world’s largest institutional investors.
Operating independently of the Governor and Legislature, the Comptroller serves as the people’s check on how their money moves through their government. It is also the guardian of New York’s long-term fiscal stability.
But the office can be more than a monitor. It can lead public finance to build a stronger, fairer, and more dynamic economy.
There is no office like it in America. And in the right hands, it can create a new future for New York.
Rewriting New York's Social Contract
New York isn’t just facing an affordability crisis. It is facing an opportunity crisis.
For generations, the promise was simple: if you worked hard and played by the rules, the state government helped ensure you could build a decent life with a steady job, an affordable home, and a fair shot at dignity.
That contract has been torn to pieces. Prices are rising faster than wages. Housing costs are squeezing families. Transit is faltering. And young people feel they must leave the state to get ahead.
Albany has failed to act with urgency. And for too long, the Comptroller’s office, despite its vast financial authority, has remained on the sidelines.
Adem believes it is time to reimagine the role. The Comptroller can be more than a custodian of the status quo. It can confront New York’s most vexing structural failures in housing, transit, and economic mobility that have gone unaddressed for far too long.
He believes we can honor the retirees who built this state while investing boldly in the next generation who will sustain it.
1
Fix the MTA:
Riders Deserve Better
While the Metropolitan Transportation Authority’s (MTA) current leadership deserves credit for helping the system rebound after COVID-19, the agency suffered for decades from mismanagement and a troubling lack of transparency. For years, state leaders shifted needed funds away from the system, and the Comptroller’s office — despite having significant authority over the agency — failed to provide the rigorous oversight riders deserved. Before we can restore public trust and ensure that every transit dollar delivers real value, we need a clear, independent understanding of where things stand.
As Comptroller, he will launch a full forensic audit of the MTA’s finances to give New Yorkers a transparent, independent accounting of how their transit dollars are spent. He will use the full authority of the office to provide accountability, efficiency, and clarity to one of New York’s most critical public systems, including:
- Prioritizing stable, long-term funding for expanding equitable programs like Fair Fares.
- Halting all new MTA debt purchases by the state pension fund until the audit is complete.
- Demanding a fare freeze until the audit is complete, so riders don’t bear the brunt of past mismanagement.
2
Build Affordable Housing:
Finance What’s Missing
Adem sees housing as both a prudent long-term investment and a moral imperative. The pension fund already invests heavily in real estate, but too little of that capital reaches New York communities.
As Comptroller, he will create a dedicated housing investment sleeve within the pension fund to provide risk-adjusted, cash-flow-positive financing for affordable and workforce housing across the state.
By filling the “missing middle” layer of capital, the space between bank loans and equity where strong projects often stall, the fund can earn competitive returns for retirees while expanding the supply of attainable homes for working families.
Each investment would be independently underwritten, diversified, and aligned with fiduciary duty — ensuring strong performance for the fund and tangible results for New Yorkers.
3
Power the Upstate Economy:
Own the Future
Adem believes Upstate New York can lead America’s next industrial era, powered by clean energy, modern infrastructure, and high-speed rail that unites Upstate and Downstate.
Drawing on—and improving upon—proven institutional models like the Champlain Hudson Power Express, Adem will use the pension fund’s investment leverage to co-own renewable transmission lines that bring lower-cost Canadian hydropower into Upstate, pair that power with grid-scale storage, and develop modern industrial parks in cities like Buffalo, Rochester, Syracuse, and Utica to support advanced manufacturing tied to the green economy and emerging technologies. This strategy will generate strong and durable returns, drive long-term economic growth and jobs in Upstate communities, ease pressure on New York City’s and Long Island’s electric grid, and reduce energy costs statewide.
Adem will push for similar leadership in high-speed rail, advancing a line that connects New York City, the Capital Region, Western New York, Toronto, and Montréal. Linking these regions would expand opportunity and unlock land for new housing, creating a cross-border corridor for the 21st century just as the subway reshaped New York City’s economic geography more than a century ago.
Global pension funds already do this. Canada’s CDPQ owns major transmission networks worldwide and, through CDPQ Infra, designed and now operates Montréal’s REM rail system. Their model demonstrates that pension funds can responsibly invest in energy and transportation infrastructure while strengthening regional economies.
Adem’s approach marries fiscal discipline with public purpose, delivering high-quality, long-duration assets that support both retirees and the state’s economic future.
4
Create a Trust Fund for New York:
Turn Dormant Dollars into Opportunity
Nearly $20 billion in unclaimed funds currently sit idle in the state’s custody, money that rightfully belongs to New Yorkers but has not yet been claimed. Instead of letting those dollars remain dormant, Adem sees an opportunity to convert this passive asset into a powerful engine of broad-based prosperity.
Those earnings would support investments that provide long-term public benefit, including:
- Maternal health and early childhood care
- A seed account for every child born in New York, available for post–high school education, starting a business, a first-home down payment, or caring for a parent
- Rent relief for the most burdened households, building on the state’s newly enacted Housing Access Voucher Program pilot and creating a sustainable long-term funding source to expand it statewide
Other states and countries already do this. Alaska’s Permanent Fund transformed shared natural-resource wealth into annual dividends for residents. New York can take a similar step—using the value of dormant financial assets to build economic security and upward mobility for every community.
5
Invest in New York’s Civic and Cultural Assets:
Keep Value Rooted Here
New York’s civic and cultural institutions, from professional sports franchises to entertainment venues, generate enormous economic value and strengthen the social fabric of our state. Yet too often, that value is extracted by distant shareholders and private investors rather than by the communities that helped build it.
As Comptroller, Adem will modernize the pension fund’s investment strategy by exploring disciplined, long-duration investments in New York’s civic and cultural infrastructure. These sectors offer stable cash flows, strong brand equity, and low correlation with traditional markets, making them ideal additions to a 21st-century portfolio. Done right, they can strengthen both the fund’s returns and New York’s civic fabric.
This is not uncharted territory. The Ontario Teachers’ Pension Plan owned Maple Leaf Sports & Entertainment, the parent company of the Toronto Maple Leafs, Raptors, and Scotiabank Arena, for over a decade, earning excellent returns while keeping those franchises rooted in Toronto.
New York should be leading in this space, not lagging behind. With disciplined oversight and clear fiduciary standards, the pension fund can help ensure that the value created by our culture, sports, entertainment, and creativity stays here: strengthening civic life, expanding economic opportunity, and building a modern investment strategy that serves both pension beneficiaries and the broader social contract.
6
Protect New York’s Workers:
Enforce Fairness
For Adem, fiscal responsibility starts with fairness. New Yorkers lose billions each year to wage theft, price gouging, and corporate fraud that harm families and honest businesses alike.
As Comptroller, he will use the office’s audit and enforcement powers to uncover abuse, coordinate with the Attorney General and District Attorneys, and ensure that every dollar earned and every benefit promised is delivered.
He will prioritize industries with chronic violations, from construction and health care to retail and food services, using data-driven audits to target offenders and protect workers.
We can do good
and do well.
public finance
for the
public good.
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