The California Public Employees' Retirement System has invested in a number of real estate transactions in which low-income properties were bought and converted to market-rate rentals. Most notably, it suffered a loss with the default of the Peter Cooper Village and Stuyvesant Town project. Now the pension fund is re-evaluating its approach to this market segment. "Our current investment staff has this issue under study and hopes to bring forward a policy discussion in the months ahead," CalPERS spokesman Brad Pacheco says.

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