Mayor Bloomberg recently —and rather suddenly— inserted a big pin into the oxygen-deprived real-estate bubble.
On February 23rd Mr. Bloomberg announced the establishment of a task force to overhaul a Lindsay-era program (the term of art is the 421a program) established back when there was little hope of attracting new construction in the city.
In recent years, hundreds—if not thousands—of market-rate condominiums have sprouted up across the city on the public’s dollar under the 421a program.
Click here to read the NY Observer story
Friday, March 03, 2006
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