Community needs a bank

Residents of the Queensbridge Houses, the largest public housing development in the country, want help to attract a bank that will call their complex home.
So far about 600 Queensbridge residents have signed a petition asking for a bank, but more are expected to follow suit as their campaign continues.
In response to a recent study commissioned by Councilman Eric Gioia and the East River Development Alliance (ERDA), local lawmakers are calling for the construction of a bank in the Queensbridge Houses.
The study found that many Queensbridge residents do not have bank accounts or even use a bank, relying on fee-laden check-cashing services instead. A bank would spur local economic growth, and provide jobs, advocates say.
“The 15,000 residents of Queensbridge Houses need and want a bank. We are committed to providing residents with the tools and resources for economic mobility and self-reliance and a bank is a critical piece of this equation,” said Pastor Mitchell G. Taylor, chairman of EDRA.
“Economic justice means that every New Yorker has a fair shot at the American dream. Access to a bank – a place where you can store your money to save for college, retirement or to buy a home – is one of the tools that can help turn the American dream into a reality,” Gioia said.
The measure has also gotten support from other politicians, including Congresswoman Carolyn Maloney and Assemblywoman Cathy Nolan, who were on hand for a 400-person march down 21st Street in Long Island City on January 20.
A number of banks have contacted Gioia’s office, and he is currently working out the details for a partnership with a bank in Queensbridge. Gioia hopes to lure a bank through the state’s Banking Development District initiative, which offers incentives like tax abatements, workforce training, and public deposits.