The proposal would build 1,400 income-restricted apartments—on top of 1,100 already in the works—on the Flushing waterfront just east of Citi Field. It also includes a privately financed stadium for the New York City Football Club.
“The rent stabilized building bubble will persist as long as there are greater fools to cash out bad bets. If Albany bails out this market now, with bad data and before the market has started to price buildings properly, they risk turning taxpayers into the greatest fools of all.”
