Growing up in New York City, Betsy Mallow (BCG New York, 2010–2013) became acutely aware of homelessness at an early age—and of her privilege of living in a comfortable home.
Inspired by her parents, who were both devoted to civic society, Betsy got involved in a philanthropic organization called Common Cents at age 12. At a time when people still had loose change in their pockets, she was part of a team of young people who went door to door to ask for donations of pennies.
As those penny collections ultimately added up to millions of dollars—used to help address issues of homelessness—Betsy learned that even small actions can be meaningful and drive systemic change. “It was life changing for me to see solutions in action on the ground and realize I had the ability to actually make an impact.” From amassing pennies to her current role as executive deputy commissioner and COO of New York State Homes and Community Renewal (HCR), her impact has been exponential.
The Power of Investing in Diverse Teams
After college, Betsy spent a year in Argentina working with a nonprofit to find sustainable solutions to poverty and volunteering with a group documenting human rights violations in Argentine prisons. Despite those experiences far from home, her MBA coursework at Harvard Business School felt more foreign than anything she had ever done. Still, she was determined to gain skills that would help her achieve her goal of tapping into the power of community and creating real opportunity for others.
In business school, she was particularly impressed by the consultants who could quickly analyze data, communicate effectively, and understand a breadth of different industries. “I learned a ton,” she says, “but of course I had so much more to learn.” That’s one of the reasons she came to BCG, where she gained expertise across sectors and had the opportunity to work at the Gates Foundation, which made a lasting impression on her.
But when she looks back on that time, it wasn’t the specific projects that influenced her commitment to DEI but rather the culture of BCG. As she puts it, “You really learn what it means to invest in teams and people, which is at the core of how I think about DEIA [diversity, equity, inclusion, and accessibility] issues today—the value of bringing different perspectives to any tough problem.”
Improving the Lives of the Most Vulnerable New Yorkers
At HCR, Betsy works to carry out a mission in which housing across the state becomes more affordable, inclusive, and livable, finding ways to finance tens of thousands of units of affordable housing every year. “It’s an amazing privilege to be able to wake up and fall asleep knowing you’re helping to carry out a mission to make New York more inclusive and livable,” she says.
In the past five years, the team at HCR has invested just under $8 billion in its multifamily housing programs to create or preserve close to 100,000 units. These government resources are invested alongside almost equal amounts of private investment. The agency also runs a huge voucher program to help secure rental units for lower-income households and oversees New York City’s rent regulation system, which includes more than 1 million apartments.
In addition, HCR conducts sophisticated analysis to root out redlining and other forms of discriminatory lending practices and to help people achieve the dream of homeownership—a significant driver of wealth creation.
“Thinking about the operational questions—how to reduce the transaction cost with government—are very interesting and messy and can have a huge impact on some of the most vulnerable New Yorkers.”
Betsy is also committed to internal equity at HCR, an organization of about 1,000 people. She reviews hiring practices, salaries, and policies through a DEI lens, nourishing a culture dedicated to improving the way government works. “I’ve always been a person who is passionate about bringing people together who have had different experiences and helping others find opportunities to grow.”
Betsy’s Donation Organization
Betsy has chosen the Violence Intervention Program (VIP), where she is chair of the board, as the recipient of her $10,000 award. VIP’s mission is to provide Latinx victims of domestic and sexual violence in New York City with healing, housing, and economic justice. The organization is led by Latinx survivors of intimate partner violence and offers a range of culturally affirming programs to help thousands of women and their children recover from the trauma they’ve suffered and break intergenerational cycles of abuse and poverty.
In 2023, 96% of the people VIP served were making under $15,000 a year, almost 1,200 survivors received counseling services, and 100% of the kids involved in the organization’s new treatment program for Latinx youth said their trauma symptoms improved. VIP was able to distribute nearly $400,000 in emergency assistance to help survivors pay for food, rent, health care, educational fees, and more. And through microgrants and business development support from VIP, survivors were able to launch their own small businesses.
“They are some of the strongest people I’ve ever met,” says Betsy. “I’m really proud of the work VIP does, and I love supporting it.”