Goldman Sachs’s Glen Appointed New York City Deputy Mayor

Photographer: Jonathan Alcorn/Bloomberg

Alicia Glen, managing director of the Urban Investment Group at Goldman Sachs Group Inc., speaks during the 2010 Milken Institute Global Conference in Los Angeles, on April 26, 2010. Close

Alicia Glen, managing director of the Urban Investment Group at Goldman Sachs Group... Read More

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Photographer: Jonathan Alcorn/Bloomberg

Alicia Glen, managing director of the Urban Investment Group at Goldman Sachs Group Inc., speaks during the 2010 Milken Institute Global Conference in Los Angeles, on April 26, 2010.

Alicia Glen, head of urban investment for Goldman Sachs Group Inc. (GS), was named deputy mayor for housing and economic development by New York Mayor-elect Bill de Blasio.

Glen, 47, who has run the department since 2002, arranged government partnerships and financed more than $5 billion in dozens of residential, mixed-use and commercial projects in the U.S., according to Columbia University Business School, where she’s an adjunct faculty member. The urban-investment group also helped finance New York’s bike-sharing program, the largest in the U.S.

“Alicia is a pioneer in developing innovative financing and investments that have improved the lives of thousands of New Yorkers,” Goldman Sachs Chief Executive Officer Lloyd Blankfein said in an e-mail.

De Blasio campaigned for mayor promising to create 200,000 units of below-market “affordable housing” in the next 10 years. He also vowed to devote his policies to reducing wealth inequality in a municipality where 46 percent of four-person households had incomes of $46,000 or less -- about 150 percent of the city’s 2011 poverty level. The richest 1 percent took home 39 percent of all earnings in 2012, according to the Fiscal Policy Institute, a New York-based research group.

‘Fresh Ideas’

“We need to invest in key emerging industries and affordable housing so New Yorkers have a better shot at working their way into the middle class,” de Blasio, the first Democrat elected mayor in two decades, said today in a news release. “Alicia has the record, fresh ideas and bold outlook to make that vision a reality.”

Glen replaces Robert Steel, 62, another Goldman Sachs alumnus, who has been Mayor Michael Bloomberg’s deputy mayor for economic development since June 2010. The mayor is founder and majority owner of Bloomberg News parent Bloomberg LP.

“We can do so much more to lift people up by investing in our neighborhoods -- especially in the outer boroughs,” Glen said in a statement. “We can raise the floor on workers’ wages, develop and preserve more affordable housing and give families a shot to make it here.”

Before joining Goldman Sachs, Glen was New York’s assistant commissioner for finance in the Housing, Preservation and Development Department from 1998 to 2002, responsible for the rehabilitation and construction of thousands of units of market-rate, moderate- and low-income housing, according to the release.

A graduate of Amherst College in Massachusetts and Columbia Law School, Glen served as an attorney with Brooklyn Legal Services from 1993 to 1996. She lives on Manhattan’s Upper West Side.

To contact the reporter on this story: Henry Goldman in New York at hgoldman@bloomberg.net

To contact the editor responsible for this story: William Glasgall at wglasgall@bloomberg.net

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