Saturday, May 19, 2007

Are NYC property values phony?

New York State is investigating Manhattan real estate practices, seeking information about whether brokers pressured appraisers to inflate property values as prices doubled in the last five years.

State Attorney General Investigating Manhattan Real Estate Practices

2 comments:

Anonymous said...

Never mind Manhattan! Investigate practices in our borough!

Queens real estate taxes (based on inflated property values) have been rising each year like clockwork and are quickly approaching the Stratosphere!

Hey....that's one way of forcing.....or taxing....a family out of their homes and clearing neighborhoods in preparation for "change"!

Then, maybe, City Planning rezones these areas for higher density and the builders (and their political friends) make out like bandits with a new wave of over development!

NY Zeitgeist said...

When Cuomo became HUD Secretary in 1997, he axed a federal program that had saved the US $2.2 billion between 1994 and 1997 and reinstituted a system that lost the government money while earning billions for favored friends.

He used the power of his office to target a former HUD official who had assisted his predecessor in operating the successful program. A HUD legal vendetta destroyed the official’s company before the Justice Department finally admitted there was no case and dropped it.

I just have to wonder what Cuomo's motives are with this one. It still amazes me that everyone forgot about the HUD scandal long enough to elect him attorney general.

Russ