With taxes from revenue-generating properties providing enough money to pay New York’s teachers, police officers, fire fighters, sanitation workers and corrections officers for a year, the city’s real estate industry is its most powerful sector.
And it’s most influential group is braced to harness that power to build a better New York.
Speaking before a group of real estate executives, REBNY chairman Steven Spionla said, “Before, state legislators would ask us – What right do you have to argue these issues? Well, 54 percent of the entire city’s budget comes from the real estate industry. Why are we involved? Because without income-producing properties, we would have fewer police officers, teachers and public servants. We, as an industry, want to grow those numbers, get involved in big projects and create more jobs.”