Just saw this blurb on a case I've been passively keeping an eye on for a few years. Could have a very chilling effect on the condo market in NYC. I mean, after we absorb the 50 (roughly) years of unsold shadow inventory still on the market.
For one, I think it's a positive thing and should have long-term positive impacts on the City. Crap developers are the biggest contributors to the fuel on the speculative fires that power real estate bubbles in this city, and if it's harder for them to raise dumb money so they can build a building despite having no experience and no business plan (which will obviously result in a shit product, for which corners were cut), all the better
Agreed re: crap developers making situations worse. For every beautifully-executed project there seem to be a dozen shameful ones, especially in emerging neighbourhoods.
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You're a fucking moron
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