Lieutenant Governor Richard Ravitch
Lieutenant Governor Richard Ravitch was appointed by Governor David A. Paterson on July 8, 2009.
Prior to his appointment, Lieutenant Governor Ravitch was a Partner in the law firm Ravitch, Rice & Co. and served as Chairman of the Commission on MTA Financing, which Governor Paterson formed to examine financing options for the MTA.
Lieutenant Governor Ravitch began his career as an attorney for the Government Operations Committee of the House of Representatives in Washington, D.C., from 1959-1960. He then joined HRH Construction Corporation as a principal and was responsible for supervising the development, financing and construction of over 45,000 units of affordable housing in New York, Washington, DC, Puerto Rico and other locations. In 1975, Governor Hugh Carey appointed him to serve as Chairman of the New York State Urban Development Corporation, a financing and development agency with 30,000 housing units under construction.
In 1975 and during the following year Lieutenant Governor Ravitch assisted New York City and State officials in resolving the City’s defaults. The Lieutenant Governor negotiated long-term federal guaranty arrangements with President Gerald Ford’s administration and acted as an intermediary between the city and the leadership of the municipal unions and their pension funds in negotiating labor’s contribution to the overall resolution. As part of such resolution and bailout of the city’s default, the State created Municipal Assistance Corporation (MAC), a new special purpose financing agency.
In 1979, Lieutenant Governor Ravitch was appointed Chairman and CEO of the Metropolitan Transportation Authority (MTA), overseeing the operation of the New York City subways and buses, the Long Island Railroad and MetroNorth commuter lines, and the Triborough Bridge and Tunnel Authority. Mr. Ravitch completely reorganized the MTA and its functions and began to recruit operating officials from the private sector with experience in marketing as well as management and operations. He developed a long-term capital plan and budget for a system wide upgrading of operating equipment, roadbed and signal capabilities, and he designed the financing plan for such improvements. For his work at the MTA, Lieutenant Governor Ravitch was awarded the American Public Transit Association’s Individual of the Year Award in 1982.
Following his MTA service, the Lieutenant Governor led an effort to recapitalize The Bowery Savings Bank and helped to arrange for its acquisition from FDIC by an investor group and his serving as Chairman and CEO. He serves as principal partner in Ravitch Rice & Company LLC with Donald S. Rice, a lawyer and business partner, who has assisted him in prior undertakings including the UDC and Bowery bailouts.
Lieutenant Governor Ravitch was the first Chairman of the Corporation for Supportive Housing. He helped create the organization and served as Chairman for almost 10 years. In 1999, Congress created the Millennial Housing Commission to examine the federal government’s role in meeting the nation’s growing affordable housing challenges. The Lieutenant Governor was appointed to serve as Co-Chair of the Commission, which led a diverse group of 22 housing experts in an intensive 17-month process to rethink America’s affordable housing policy.
Lieutenant Governor Ravitch is a graduate of Columbia College and received an LLB from Yale University School of Law.