In a recent report from international ratings agency Fitch,senior director Diane Lans and managing director Zayne Lynnconclude that New York real estate will continue to be affected bythe Sept. 11 bombings for several years. In an interview withGlobeSt.com, Lans and Lynn both cite the bombings' psychologicalimpact as the driving force behind the industry's hoped-foreconomic recovery.
"Yes, the economy was already in a slide," Lans tellsGlobeSt.com. "But I think the events of Sept. 11 exacerbated thedownturn that was already there."
"I believe we were already in an economic downturn pre-Sept. 11and that this has accelerated it," Concurs Lynn. "I think that ifSept. 11 hadn't happened we wouldn't fall as far as we're going tofall, but we were definitely on a down trend."
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