Nearly $5 billion in development projects in New York City have been delayed or canceled because of the economic crisis, an extraordinary body blow to an industry that last year provided 130,000 unionized jobs, according to numbers tracked by a local trade group.The setbacks for development — perhaps the single greatest economic force in the city over the last two decades — are likely to mean, in the words of one researcher, that the landscape of New York will be virtually unchanged for two years.
Downturn Ends Building Boom in New York
New York’s development world is rife with such stories as developers who have been busy for years are killing projects or scrambling to avoid default because of the credit crunch.
9 comments:
Great news.
I been waiting for that.
Tractor's, Generator's Bobcats, table saws will be 20 cents on the dollar in no time.
No sense putting cashed out CDs back in the bank or T Bills to gain nothing but risk and crap interest.
I can put my Grandfathers old farm up and running, grow more wine grapes, and more.
I dont understand this. The Fed gubmint needs to work overtime to print more monies for these fellers. And why are they printin dollar bills???? It should be 100's!
THAT IS THE ANSWER!!!! KEEP THE PRINTIN PRESSES RUNNIN!!
This is the best news. Ever.
No, with Bloomberg in another term the money will be parked just ready for new projects.
Take to the community board 1 in Astoria - they are still fast tracking big projects.
So it takes a decade to build them - all you need is to reserve the land and keep it dribbling along.
Forget about Astoria, Rockrose is still going ahead with the Pepsi site.
And Queens Plaza is still abuilding.
this is grat news for scum like bloomberg, maybe now willets point will never get built and the people can save their lives. like they say what comes around goes around- remember hiram . they all rape the people anyway with all their politically connected tax breaks and perks
That's too bad, because developers are the ones that really care most about the city and have its best interest at heart.
We need to spend your tax dollars bailing them all out so they can build, build, build !!!!!
good and i hope that chink tdc gos bankrupt .the hell with these money hungry developer's paying off city people to get what they want die all of you and all of you at edc
Looks like it wasnt too late for the developers at the toxic site next to Gantry park to take down the Pepsi sign.Expanding the park?Maybe just more slowly filled cookie cutter luxury housing estates.
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