Thanks to my associate Barry Herbst for the below:
What wasn’t covered was that De Blasio was elected Mayor-Elect with approximately 73% of the overall vote, and raked in the majority of donations from New York’s top developers, brokers, and other movers and shakers in the industry. As a result it is clear that the industry as a whole perceive de Blasio to be pro-development and pro-growth, which is a prime way for the City to fill its coffers.
This is very important- there has been a spurt of new luxury development in Manhattan, and this has been spilling over into Long Island City, Queens and especially Brooklyn. Coupled with the Second Avenue Subway on the Upper East Side of Manhattan, and the complete transformation of Hudson Yards into luxury and chic condo developments and office towers.
De Blasio is also in favor of growing affordable housing all over Manhattan and the outer boroughs. According to Crain’s Insider (Real Estate Opens Checkbook for De Blasio, 10/28/2013) “Mr. de Blasio has rallied against “luxury condos” being built at the expense of affordable housing.” Likewise, in The Real Deal Magazine’s article “Lhota: Too Little, Too Late,” (11/1/13) “…de Blasio is pushing for “mandatory inclusionary zoning”- which would force, (rather than incentivize) developers to build affordable housing at projects that require city approval.” In addition, the Mayor-Elect “has pledged to build or preserve 200,000 affordable units over the next 10 years.”
Hopefully the growth of affordable housing will not damper the hot residential real estate market in New York City, and the overflow of foreigners purchasing apartments to use as safety deposit boxes will stay the same, or increase.