I said the other day that developers would walk away from NY.
Here is a fund manager that will move his investments away from NY.
More will follow.
They will stop projects, sell projects, truncate projects, and not start them.
The economic impact overall can be devastating. All the people involved in the process will be scrounging for work; the site managers, the foremen, the laborers, the carpenters, plumbers, electricians, concrete, roofers, windows, HVAC, security, inspectors, architects, engineers, sales, flooring, cabinets, finishers, cleaners, landscapers, irrigation installers, fire suppression systems, elevators, and more.
Depending on the project, several hundred people get to work and eat.
Great job, James and Hochul. You played yourselves.
What’s bad for New York is good for America.😀