Real Estate Thought It Was Invincible in New York. It Wasn’t.
How the industry that ruled the city plans to rebound after a rough year.
This was the year that New York bit back against big real estate.
First, a slate of Democratic candidates declared that they would not take money from real estate developers. They swept into state office last fall, displacing incumbents who were friendly to the industry.
Then in February, Queens officials, bucking the mayor and governor, scuttled Amazon’s plan to open a huge headquarters there, snubbing...