My question now is how many other developers and banks are going to have their loans audited to see if they were done in good faith or if the developer over valued their property?
"You have the federal tax, which you can see, is probably the most hefty, is $144,000," Armstead said. "You have your state tax, which is another $40,000,...
If developers start to slow down building/developing NYC. This will affect more than just the developers. It'll trickle down through them, to construction workers and their support...