"Though many are not aware of it yet, New York is about to enter into a space crises," Schumer stated. "Manhattan is getting filled up. The lack of new parcels and the island's density limit new construction as well. In the outer boroughs where there is the physical space to accommodate growth, the lack of critical mass owing to the dearth of large-scale private sector commercial development discourages new businesses from locating there. As a result, large numbers of jobs are starting to leave New York for New Jersey, Connecticut and beyond."

But Giuliani, repsonding to the warning, urges naysayers to "do a little addition," and find that New York far exceeds New Jersey in the amount of real estate currently available and under construction. He says the maximum development New Jersey's shore could sustain is approximately 25.5 million sf, which is the total square footage of only three of New York's new projects. "At 42nd St. there are five new buildings" at six million sf, "which more than exceeds what New Jersey has available currently," he adds.He cites statistics that New York's job growth is setting records, lists of new city development projects, and new private sector development such as the New York Stock Exchange building planned for 1.9 million sf.

The adequacy of space throughout the city is obvious, he says, from a "physical examination of the city--that means actually driving and walking the streets, not just sitting in an office building and thinking about it."