After years of sustained growth marked by grandiose, ambitious plans for the city, the real estate development industry is displaying troubling symptoms.
Unease Erodes Ambition in Real Estate
The number of citywide building permits is expected to drop, public and private funding for projects is drying up, and a stream of multibillion-dollar plans is coming in over budget and behind schedule, with many designs being scaled back or scrapped altogether.
A professor of urban policy and planning at New York University, Mitchell Moss, said the current situation is the result of a glut of projects that have been pushed through without enough reflection by elected officials.
1 comment:
FINALLY !
The law of supply and demand
seems to be trimming the uber-egos
of some prominent real estate developers....
AND THEIR PROJECTS AS WELL!
GOOD RIDDANCE!
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