GOV. PATERSON—GOOD FOR NY REAL ESTATE?
The Empire State inaugurated David Paterson as its new governor this week and people already have plenty of gossip. We asked if you thought he'd end up being a good leader, a big disappointment or if we just have to wait and see how his term will treat real estate in New York. Our poll went up, down and around all week long, but in the end the majority of our readers (74%) said only time will show how Paterson's tenure as the governor will affect real estate in New York. The number of voters who decided the new governor will be friendly (12%) or unhelpful (14%) to the industry was about the same. Although it may be too early to know for sure, Mike Slattery, senior vice president at the Real Estate Board of New York, says Paterson and New York are going to make a wonderful team.
"I'm optimistic. He's shown himself to be bright. He's from the city and understands the importance of real estate in New York. He's recognized the importance of real estate for the economy and the State of New York. What's good for the state is good for the industry. His conscientious approach will be good for the industry.
"The governor is an important player here. He has the ability to promote economic development and will play a critical role in the Moynihan Station, the Eastern Railyards, Javits Center and other projects in the city like housing developments.
"Paterson is a realist in recognizing the problems and addressing them. That's a positive feature for the larger projects in the city. In addition, there are a lot of indirect jobs created by these big activities if you help fund them and make them happen.
"You want to see an elected official appreciate the industry and encourage that kind of action with their employment policy and tax policy. Former Gov. Eliot Spitzer was certainly trying to address the issues he confronted. He came with a large agenda. He was doing a lot of things at once. He was starting to focus on key projects."
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