What Will New York Real Estate Look Like Next Year?
https://www.nytimes.com/2020/10/23/realestate/nyc-housing-future.html
Real estate taxes are celebrated for supporting NYC government, but that often touted public benefit is considerably reduced when government subsidies, grants, special privileges and tax write-offs are included in the calculation.
The giant, wealthy real estate industry is guided by a sub-group of advisors on tapping into government largesse by lobbying for legislative perquisites, lucrative awards and rewards, reduction of official fees, favorable decisions and approvals for projects, unique hand-outs for a slew of supposedly public services, forgiveness of violation fines, and, most of all the yearly ritual of appealing and reducing tax assessments.
Beyond the commercial real estate dominance of city government is the vast non-profit real estate cartel which avoids taxes altogether despite reaping profits from property ownership, land use promotion, zoning and building department favoritism.
Profit-making and non-profit real estate interest customarily work together to milk a long-standing practice of revolving door employment to insert into government officials with dedicated mindsets to maximize returns on property development and management.
The most stunning consequence of this almost ineradicable exploitation of NYC is the glorification of its high-rises and degradation of affordable housing stock, better known as slums, even the slums are presented as pleasurable in entertainment.
Lack of safety and health for rich and poor is NYC's real estate historic legacy.