Calpers investment in Stuy Town elicits criticism

The California Public Employees’ Retirement System, otherwise known as Calpers, is raising eyebrows for its investment in real estate developments across the country making the transition from rent-stabilization to market-rate, according to the Wall Street Journal. While Calpers took a major hit on its investment with the Stuyvesant Town and Peter Cooper Village apartment complex, experts say the organization, which handles approximately $200 billion in California state retiree funds, has profited off of numerous similar developments, like the Riverton Houses. Calpers, for its part, says it’s taking a critical eye to its investment trend. “These historical investments were made under previous investment leaders,” Brad Pacheco, a Calpers spokesperson, said. “Nevertheless, our current investment staff has the issue under study.”