There's a very interesting quote from developer (and former New York City official) in Industry needs to be less greedy if it wants to dig city out of housing crisis, published 7/31/19 by Real Estate Weekly:
That's because unregulated, market-rate housing has become expensive, as supply has not kept up with demand (and supply tends toward the higher end).
Besides criticizing "NIMBYism," industry panelists criticized "outdated zoning, an over regulated environment, rising construction prices, tax and immigration policy" for hindering construction. So Pinsky's "less greedy" statement was a bit of an outlier.
“We have to be less greedy and we have to acknowledge that we can’t always win and other people lose, which is the way it was perceived for many years,” said Seth Pinsky, the former head of the city’s Economic Development Corporation now in charge of RXR’s metropolitan emerging markets division.He and others spoke at an industry panel, where others noted that those earning six-figure incomes are now eligible for "affordable housing"--and need it. (Better to call it "income-linked," OK?)
“We also have to advocate for things that, in the short term may not even be good for us but are good for the city, and the region, and the state because, in the long run, our success depends on the success of these places, and if you want to build goodwill over time, you have to look like you care about more than just your own industry.”
That's because unregulated, market-rate housing has become expensive, as supply has not kept up with demand (and supply tends toward the higher end).
Besides criticizing "NIMBYism," industry panelists criticized "outdated zoning, an over regulated environment, rising construction prices, tax and immigration policy" for hindering construction. So Pinsky's "less greedy" statement was a bit of an outlier.
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