Sometimes your conspiracy theory turns out to be absolutely true.
Over the past few years, primarily due to conversations I’ve had at my weekly Alt Banking meetings, I’ve become increasingly concerned about the crazy real estate industry in New York City and New York State. A few pertinent facts:
- There’s been a crazy luxury housing boom. Specifically, more luxury housing is being built than there are people who could reasonably afford them.
- Except perhaps the way to look at such apartments is that they are not apartments at all but financial instruments for rich people.
- Specifically, rich people who want to hide or launder their money. The disclosure laws are suspiciously lax.
- On the side of “affordable housing,” which the Alt Banking group wrote about here in our Huffington Post blog, there are ridiculous tax abatement laws that benefit builders. Specifically, the “421a” law, which Dean Skelos, Republican majority…
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