Category : REBNY Watch

New York City’s real estate industry is not only a major economic engine — it also provides the tax base the City needs to fund the salaries of every single school teacher, police officer, fire fighter and a lot more city services. These vital city services depend on the real estate industry for funding and are part of what make New York a great place to live, work, and raise a family. REBNY’s new comprehensive economic impact study titled, “The Invisible Engine: The Economic Impact of New York City’s Real Estate Industry,” completed by AKRF, Inc, makes it clear that we must continue to build revenue-generating properties throughout the five boroughs and keep the ‘Invisible Engine’ running.

REBNY recently released two studies on landmarking. The first noted that nearly 30 percent of Manhattan has received landmarks designation, and the second found that only five new units of affordable housing have been built in historic districts in the past decade. Rather than attempt to dispute these facts, opponents instead have accused us of trying to weaken or destroy the landmarks law. These accusations are misguided and only serve to distract from the realities facing our city.