NEW YORK CITY—Despite some reports to the contrary, it appears the city's commercial real estate community remains wary of Mayor Bill de Blasio and his affordable housing platform.
In the spring 2014 Gotham Commercial Real Estate Monitor—a survey of the city's commercial property owners, brokers, agents and attorneys, accountants and other professionals specializing in the sector by accounting firm Marks Paneth—42% of executives said they expect the Mayor's affordable housing plan to weaken commercial property values in the city.
Only 11% of the executives said the affordable housing plan would strengthen commercial property values. Thirty-one percent said it would have no impact, and 16% said they were unsure of the impact.
In terms of the overall view of the Mayor by commercial property executives, more than three quarters either said they're “not at all confident” (38%) the mayor will support the interests of commercial property owners in New York or “not too confident” (38%) that he will. Only 17% are “somewhat confident” in the mayor's support for the commercial property industry.
“Clearly, the city's commercial property industry is adjusting to an environment in which overwhelming mayoral support may not be forthcoming,” says William Jennings, partner-in-charge of the real estate group at Marks Paneth.
In the Winter Gotham Real Estate Monitor survey, in November 2013—before Mayor de Blasio took office—executives expressed approximately the same lack of confidence in his potential support. By contrast, the vast majority—76%—of commercial real estate executives gave Mayor Michael Bloomberg high marks for his support in an earlier survey.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
