Two important media pieces highlight a state of affairs in the construction industry in NYC that point to a “lackluster” building environment caught up in regulations, a struggle over new developer incentives, and the plunge in commercial real estate market.

“The Tax Break New York Relied on to Build Housing Is Gone” (NYT, Jan. 28, 2024) delves into the law that expired in 2022 and the vigorous debate on incentives to get a replacement law that stimulates future development.

The 60 Minutes episode, “Hybrid work leaves offices empty and building owners reeling” (aired Jan. 15, 2024), covers the radical transition that has rocked the foundation of commercial real estate.

You can read the full New York Times article (behind a subscriber paywall).