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With remote work, local government approvals stymied, the effects of climate change reshaping the state and an eroding tax base due to the economic downturn, the future of tech funds is uncertain.
Industrial pricing has surged this year in response to ecommerce activity, but not all class-A industrial properties are equipped to accommodate online retailers.
REBNY's key economic indicators have been sobering: New York City and state lost $1.4 billion in tax revenue due to significant declines in real estate market activity brought about by COVID and the downturn.
The developer that leases Jungle Island from the city wants to build a 281-key hotel in a 110-foot tall building, although it can go up to 130 feet and 300 keys.
As hospitality continues to suffer and the housing crunch intensifies, many people wonder if housing might be a permanent answer for hospitality's struggles.