New York City Comptroller Mark Levine is walking back his campaign pledge to invest city pension funds in Israel bonds, saying the decision came down to financial returns.
In an interview with The New York Times, Levine said the decision was not politically motivated, though he acknowledged struggling with it on a personal level.
“I always said this would be based on financial considerations only, not politics — that’s still my position,” Levine told the Times. “But as of now, we feel that because of some technical challenges, and because of financial considerations, that this is not an investment that we can make right now.”
During his campaign, Levine vowed to purchase Israel bonds after his predecessor, Brad Lander, opted not to renew the investments in 2023.
The Times reported that Israel bonds have returned around 5% on two- and three-year investments, and their technical ratings remain below levels from early 2023.
Levine’s decision has disappointed some Jewish leaders across the city, including former Comptroller Scott Stringer, who invested millions of dollars in Israel bonds during his tenure.
Mayor Zohran Mamdani said he supports Levine’s decision during a separate news conference.
“I don’t believe that our city should purchase Israel bonds, we don’t purchase the bonds of any other sovereign nation, I don’t think we should make an exception when it comes to Israel,” Mamdani said. “And also, this is the decision that the comptroller is making and it’s one that I support.”
When asked by The New York Times why he made the campaign pledge, Levine said he did not have a full understanding of the financial picture.