Real estate plans to own the next Council

From the NY Times:

A group of real estate executives and corporate leaders, bracing for the departure of Mayor Michael R. Bloomberg, plans to spend up to $10 million to make sure the City Council elected this fall is friendly to business.

The organization, made up of real estate developers, property owners, banks, insurance companies, investment firms and others, has established a political action committee to direct donations to back candidates in both parties who support pro-development policies.

Called Jobs for New York, the PAC represents an aggressive new involvement in New York’s heavily regulated city elections by a major independent expenditure group. The PAC also has the support of several unions whose fortunes are tied to construction, including those representing carpenters and laborers known as mason tenders.

The effort is focused exclusively on Council races, in part because members tend to have great sway over development in their districts, but also because of the uncertainty surrounding the topsy-turvy mayoral campaign.

The Council will undergo extensive turnover this year with some 21 of its 51 members stepping down, mainly because of term limits.

The PAC effort is being spearheaded by the Real Estate Board of New York, which includes some of the most influential figures and families in the industry, including Larry A. Silverstein, the developer of the World Trade Center, Richard S. LeFrak, Daniel R. Tishman, the Speyers and the Rudins.

Local races, however, can be unpredictable and hinge on longstanding relationships and grudges; whether an industry PAC can truly influence Council races on a citywide scale is an open question. The organizers have tapped Harry Giannoulis, Maggie Moran and Phil Singer, all veterans of city, state and federal campaigns, to oversee the organization’s activities.